MOSCOW - Russia's defence spending was up nearly 40 per cent in the first four months of the year, according to preliminary data released by the finance ministry on Wednesday , almost three months intoRussia spent 1.7 trillion roubles on defence between January and April, almost half the 3.5 trillion roubles, or 2.6 per cent of GDP, budgeted for all of 2022.
The ministry had initially forecast a budget surplus of 1 per cent of GDP, or 1.3 trillion roubles, for 2022, but now expects a deficit of at least 1.
Some of the NWF is invested in financial markets, and its value fell US$20 billion between early February and April, to US$155 billion, according to data released on Monday. In April alone, Russia spent 628 billion roubles on its military, up 128 per cent on April 2021, helping to tip the monthly state budget into deficit for the first time this year.Thousands of civilians have been killed in Ukraine and more than 14 million people have fled their homes in a conflict that Russia says was necessary to counter Western aggression and protect Russian-speakers from repression.
Ukraine says it is fighting an imperial-style land grab and that Moscow's claims of aggressive nationalism and persecution of Russian-speakers are nonsense.
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