Russia ramped up its military outlays, putting it on track to spend a record $200 billion on defense in 2026 with little sign of the Ukraine war coming to an end.
The huge increase — roughly 40% higher than its original plan for the year, with a similar amount expected in 2027 — comes with the country’s budget and economy under growing pressure.
Russia can likely keep paying for the war by printing money, a leading analyst told Meduza, but ultimately, its people will pay the price: “The Kremlin will have to determine who exactly needs to pay, how much they need to pay, and how publicly this process will unfold,” a Carnegie scholar wrote. “All of this will have political consequences.”