December 2nd 2024.
Russian President Vladimir Putin has recently given his approval for a massive increase in the country's defence budget. This decision comes as no surprise, with the ongoing war in Ukraine draining resources from both sides for almost three years now. In fact, the approved budget for the upcoming year, which was released on Sunday, allocates a staggering 32.5% of the government's total spending to national defence, amounting to approximately $126 billion USD.
This is a significant increase from the previous record set just this year, with a budget that is $43 billion higher. However, the new three-year budget does forecast a slight decrease in military spending for 2026 and 2027. This budget was approved by legislators in both houses of the Russian parliament, solidifying the country's commitment to strengthening its defence.
The ongoing war in Ukraine is the largest conflict in Europe since World War II, and it continues to be a slow and exhausting battle for both sides. With a war of attrition, where both sides are trying to wear down the other, resources have been drained from both countries. While Ukraine has received aid from its Western allies, including a pledge of half a billion dollars in military equipment from Germany, it is still at a disadvantage when it comes to material and manpower.
On the other hand, Russia has a larger arsenal of weapons, ammunition, and personnel, but the strain on its economy and population is becoming more apparent. In the past two years, Russia has significantly increased its military spending, causing signs of overheating in its economy with high inflation rates and labor shortages. In an attempt to control the situation, the Russian Central Bank raised interest rates to 21% in October, the highest in decades.
To make up for the shortage of manpower, North Korea has recently sent troops to assist Russia in the front lines. The Ukrainian government has reported that approximately 11,000 North Korean soldiers are currently in the Kursk region. In addition, a large portion of Russia's weaponry used in the conflict is from North Korea, with almost a third of the ballistic missiles fired at Ukraine this year being of North Korean origin.
While the aid from North Korea may provide temporary relief for Russia, the material losses incurred in the war may be harder to replace. As the conflict continues, it remains to be seen how much aid the US will provide once President-elect Donald Trump takes office. For now, Russia's commitment to strengthening its defence and its reliance on North Korean aid will continue to shape the dynamics of the war in Ukraine.
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