Russia’s spending on Vladimir Putin’s war in Ukraine is on track to blow through its budget by Rbs2tn ($28bn) this year, forcing the Kremlin to contemplate deep spending cuts in the coming years, according to a letter seen by the FT.
Finance minister Anton Siluanov asked Russia’s cabinet in February to freeze planned spending elsewhere to cover the mounting cost of the war, the letter shows.
The request highlights Russia’s struggles to finance the war despite budgeting Rbs16.84tn ($238bn), or almost 40 per cent of this year’s budget, to defence and security.
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