Russian President-dictator Vladimir Putin has signed the country's budget for 2024. It significantly increases federal spending and also includes record levels of defense spending.

This is stated in a recent report by the Institute for the Study of War (ISW).

It is noted that in the Russian budget-2024, government spending is $412.5 billion, and the budget deficit is $9.5 billion. It is reported that the Kremlin plans to spend about $157.5 billion. defense and law enforcement, which accounts for 39% of all federal government spending.

According to ISW, this year the Ministry of Finance of the Russian Federation has allocated 72.1 billion US dollars for defense. However, this amount is likely higher, given that a large part of the Russian federal budget is classified.

If the published data is true, then more than a third of the federal budget will be devoted to defense, which is a record level of Russian defense spending. Analysts emphasize that the budget of the Russian Federation does not cover all the costs of the army and security forces, part of the financial burden rests on regional budgets and private business structures.

According to ISW analysts, the Kremlin plans to direct most of its federal defense budget funds to support the invasion of Ukraine.

As reported, the Russian oil company Lukoil earned a billion euros in Bulgaria. Meanwhile, the European Commission will conduct an investigation into the refining of Russian oil in Bulgaria.

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