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Russia hikes 2027 military budget target
Russia has raised its military spending target for 2027 by 27%, reaching 1.17 trillion rubles ($202 billion), in response to the escalation of the war in Ukraine and the government's shift to doubling military expenditure after plans initially aimed at capping the increase. Military spending will account for approximately 35% of total government expenditure, even though the budget deficit is expected to increase to around 2.2% of GDP, due to higher taxes on households and businesses to cover the financial gap.
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