Russia spends more than 300 million USD on defense every day

Russia spends more than $300 million a day on defense in April amid ongoing military operation in Ukraine.

Data released by Russia’s Finance Ministry on May 17 shows that the country spent 628 billion rubles (more than $10.1 billion) on defense in April, or about 21 billion rubles a day ($338 million). These expenses are said to correspond to the annual budget of several provinces in Russia.

Russia’s defense spending in April more than doubled from before the start of its military campaign in Ukraine. Defense spending in January totaled 233.7 billion rubles (over US$3.7 billion) and rose to 369 billion rubles (over US$5.9 billion) in February as Russia began the campaign.

From January to April this year, Russia spent a total of 1.681 trillion rubles (more than $27 billion) on the military.

Russian soldiers in Mariupol, Ukraine, on April 18. Photo: AFP.

Russian soldiers in Mariupol, Ukraine, on the 18th Photo: AFP.

Russia’s Finance Minister Anton Siluanov said in late April that the country’s budget is expected to run a deficit of 1.6 trillion rubles (more than $25.7 billion) this year due to sanctions. Russia will use the National Financial Fund (NMF) to cover the budget deficit.

“If the revenue is higher, we will spend less from the NWF. On the contrary, we need to take more from the NWF,” Minister Siluanov said.

Meanwhile, the governor of the National Bank of Ukraine said last week Russia’s election campaign destroyed $100 billion worth of infrastructure, half of its gross domestic product (GDP).

Ukrainian President Volodymyr Zelenskyy said late last month that the total damage to Ukraine since Russia’s military operation began is about $600 billion and that a recovery plan needs to be drawn up as a matter of urgency.

Ngoc app (Corresponding Moscow times)