Russia's military spending surpasses Europe's as Putin ramps up war budget, study finds
Russia's military spending surpasses Europe's as Putin ramps up war budget, study finds
In 2024, Russia’s total defense expenditures surged by 42% in real terms, reaching 13.1 trillion rubles. When adjusted for purchasing power parity (PPP)—which accounts for differences in what money can buy in different countries—this amounts to $462 billion, according to the data by the International Institute for Strategic Studies (IISS), the Financial Times reported.
By comparison, total defense spending across Europe, including the U.K. and EU member states, increased by nearly 12% last year to $457 billion, slightly trailing Moscow’s budget.