On Wednesday, Russian President Vladimir Putin said Russia has “no limitations” on military spending for the war in Ukraine.
By the end of this year, Russia is expected to run a deficit of 2% GDP, despite a record surplus due to dividends and taxes by Gasprom PJSC.
In 2023, the commitment to spare no expense on the war could be difficult as energy exports continues to be under pressure from sanctions by the West.
Defense Minister Sergei Shoigu also told Putin that Russia should expand its armed forces from 1.15 million to 1.5 million soldiers.
In total the armed forces should recruit 695,000 profession contract soldiers, where the additional recruits would be found was not specified.
Meanwhile, Ukrainian President Volodymyr Zelenskyy met with US President Joe Biden in Washington, his first trip outside Ukraine since the war began.
