Russia spent almost $150 billion per year on the war against Ukraine

This is stated in a report by the Stockholm International Peace Research Institute (SIPRI).

According to the institute, Ukraine's total military spending increased by 2.9%, reaching $64.7 billion, equivalent to 43% of Russia's spending. In addition, last year Ukraine had the largest military burden of any country in the world — 34% of GDP.

Russia has again significantly increased its military spending, widening the spending gap with Ukraine. Ukraine currently directs all of its tax revenues to military needs. With such limited fiscal capacity, it will be difficult for Ukraine to continue increasing its military spending, said Diego Dapes da Silva, Senior Researcher in the SIPRI Arms Expenditure and Production Programme.

Global military spending in 2024 reached $2.718 trillion, which is 9.4% more in real terms than it was in 2023. This is the fastest annual growth at least since the end of the Cold War, the institute's experts noted.

More than 100 countries around the world increased their military spending in 2024. As governments increasingly prioritize military security, often at the expense of other areas of the budget, the economic and social trade-offs could have a significant impact on society in the coming years, says SIPRI researcher Xiao Liang.

The report also says that all NATO countries increased their spending in 2024, while in 18 of the 32 Alliance countries, defense spending reached at least 2% of GDP.