Increased Military Spending in Russia and Europe Amid Ongoing Ukraine Conflict

Russia's military expenditure for 2024 is projected to increase by 42% to 13.1 trillion rubles, equivalent to $462 billion based on purchasing power parity. The International Institute for Strategic Studies (IISS) forecasts that by 2025, Russian military spending will rise from 13.7% to 15.6 trillion rubles ($550 billion), accounting for 7.5% of Russia's GDP or nearly 40% of all federal expenditures. European defense budgets, including those of the United Kingdom and EU countries, have also increased by nearly 12% in the past year, reaching $457 billion. Germany's defense budget has specifically seen a 23% increase to $86 billion, marking the highest rise in 30 years. The UK's defense budget is reported at $81 billion. France's defense budget is set to increase by 4.5% to $64 billion in 2024, traditionally the second-largest in Europe in absolute terms. Estonia, bordering Russia, plans to allocate nearly 4% of its GDP to defense this year, ranking third among European countries. In absolute figures, defense spending by these nations amounts to $1.7 billion and $28 billion respectively.