Russia Approves Record Military Budget amid Sanctions, Pivoting Economy to War Footing
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Russia's parliament approved a record federal budget with 25% more spending for 2024-2026, with the most ever devoted to defense.
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The budget aims to fund the military and mitigate the impact of sanctions on Russia, according to the parliament speaker.
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For the first time in modern history, defense spending is set to overtake social spending next year.
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The budget likely seeks to shore up support for Putin before the 2023 presidential election.
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Experts say the budget pivots Russia's economy to a war footing, amounting to the wholesale remilitarization of society.