Russian Federation increased military spending for 2023 by more than 40% compared to previously planned, - British intelligence
Russia’s military spending will increase by 40% in 2023. The Russian government tries to borrow money while the market situation is relatively favorable.
This is reported by Censor.NET with reference to the Ministry of Defense of Great Britain on Twitter.
As noted in the summary, on November 16, 2022, Russia conducted the largest bond issue in history in one day, raising 820 billion rubles ($13.6 billion). This is important for Russia, as debt issuance is a key mechanism for supporting defense spending, which has increased significantly since the invasion of Ukraine.
According to British intelligence, Russia's declared spending on "national defense" for 2023 is planned to be approximately 5 trillion rubles ($84 billion), which is more than 40% higher than the previous budget for 2023 announced in 2021.
"Debt issuance is expensive in times of uncertainty. The size of this auction, most likely, indicates that the Ministry of Finance of Russia assesses the current conditions as relatively favorable, but expects an increasingly uncertain fiscal and budgetary situation next year," the Ministry of Defense of Great Britain noted.
