Russia to hike defence spending by almost 70 per cent in 2024

Russia is set to hike defence spending by almost 70 percent in 2024, a finance ministry document published Thursday showed, as Moscow pours resources into its full-scale offensive in Ukraine.

The document said defence spending was set to jump by over 68 percent year-on-year to almost 10.8 trillion rubles ($111.15 billion), totalling around 6 percent of GDP -- more than spending allocated for social policy.