Russia’s military spending reaches USD 149B in 2024 — SIPRI

This is according to a report by the Stockholm International Peace Research Institute (SIPRI), Ukrinform reports.

According to SIPRI estimates, Ukraine’s total military spending rose by 2.9%, reaching $64.7 billion, equivalent to 43% of Russia’s defense budget. In addition, Ukraine recorded the highest military burden among all countries worldwide, with defense spending accounting for 34% of its GDP.

“Russia once again significantly increased its military spending, widening the spending gap with Ukraine,” said Diego Lopes da Silva, Senior Researcher with the SIPRI Military Expenditure and Arms Production Program. “Ukraine currently allocates all of its tax revenues to its military. In such a tight fiscal space, it will be challenging for Ukraine to keep increasing its military spending.”

Global military expenditures in 2024 reached $2.718 trillion, marking a 9.4% real-term increase compared to 2023. According to SIPRI experts, this is the steepest annual rise since the end of the Cold War.

“Over 100 countries around the world raised their military spending in 2024. As governments increasingly prioritize military security, often at the expense of other budget areas, the economic and social trade-offs could have significant effects on societies for years to come,’ said Xiao Liang, Researcher with the SIPRI Military Expenditure and Arms Production Program.

The report also highlights that all NATO member states increased their military spending in 2024. In 18 of the 32 NATO countries, defense budgets reached at least 2% of GDP, compared to just 11 countries achieving this benchmark in 2023. NATO’s total military expenditure amounted to $1.506 trillion, representing 55% of global military spending.

As reported earlier, Ukraine became the world’s largest importer of major arms in the 2020–2024 period, increasing its imports nearly 100-fold compared to 2015–2019, while Russia’s arms exports dropped by 64%.