• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
PoliticsRussia

Russia to spend a third of its budget on defense as Ukraine war drains resources

By
The Associated Press
The Associated Press
Down Arrow Button Icon
By
The Associated Press
The Associated Press
Down Arrow Button Icon
December 1, 2024, 10:33 AM ET
Vladimir Putin at the Kremlin on Nov. 18.
Vladimir Putin at the Kremlin on Nov. 18.Vyacheslav Prokofyev—POOL/AFP via Getty Images

Russian President Vladimir Putin approved budget plans, raising 2025 military spending to record levels as Moscow seeks to prevail in the war in Ukraine.

Recommended Video

Around 32.5% of the budget posted on a government website Sunday has been allocated for national defense, amounting to 13.5 trillion rubles (over $145 billion), up from a reported 28.3% this year.

Lawmakers in both houses of the Russian parliament, the State Duma and Federation Council, had already approved the plans in the past 10 days.

Russia’s full-scale invasion of Ukraine since February 2022 is Europe’s biggest conflict since World War II and has drained the resources of both sides. Kyiv has been getting billions of dollars in help from its Western allies, but Russia’s forces are bigger and better equipped, and in recent months the Russian army has gradually been pushing Ukrainian troops backward in eastern areas.

New EU leaders in Kyiv pledge continued support for Ukraine

New European Council President Antonio Costa and EU foreign policy chief Kaja Kallas arrived in Kyiv on Sunday, marking their first day in office with a strong message of support for Ukraine. Their visit comes as doubts are deepening over what Kyiv can expect from a new U.S. administration led by Donald Trump.

“From day one of the war, the EU has stood by the side of Ukraine,” Costa posted on X, together with a photo of himself, Kallas and EU enlargement chief Marta Kos. “From day one of our mandate, we are reaffirming our unwavering support to the Ukrainian people.”

Speaking at a news conference with Ukrainian President Volodymyr Zelenskyy, Costa reiterated the EU’s recent commitment to help Ukraine continue through the war, including €4.2 billion ($4.4 billion) to support Ukraine’s budget and €1.5 billion ($1.6 billion) of assistance every month from the proceeds of frozen Russian assets.

Asked whether the EU would step up funding if Trump withdrew support, Costa said the block would “stand for Ukraine as long as necessary.”

Zelenskyy said that any future ceasefire negotiations with Russia would need to include representatives from the EU and NATO, because Ukraine seem its future security in both alliances. However, he said he failed to see what any such negotiations would focus on, adding that Ukraine would “never legally recognize any occupation of our lands by the Russian Federation.”

He urged the outgoing Biden administration to use the remaining two months in office to exert influence “over those few European skeptics about our future. I see nothing, I personally see no risks, and most NATO countries see no risks from the recommendation regarding the positive future of Ukraine’s membership in NATO.”

Zelenskyy said Friday that an offer of NATO membership to territory under Kyiv’s control would end “the hot stage of the war.”

3 killed in Ukraine and a child dies in a drone attack in Russia

On the ground in Ukraine, three people died in the southern city of Kherson when a Russian drone struck a minibus on Sunday morning, regional Gov. Oleksandr Prokudin said. Seven others were wounded in the attack.

Meanwhile, the number of wounded in Saturday’s missile strike in Dnipro in central Ukraine rose to 24, with seven in serious condition, Dnipropetrovsk Gov. Serhiy Lysak said. Four people were killed in the attack.

Moscow sent 78 drones into Ukraine overnight into Sunday, Ukrainian officials said. According to Ukraine’s air force, 32 drones were destroyed and a further 45 drones were lost, likely having been electronically jammed.

In Russia, a child was killed in a Ukrainian drone attack in the Bryansk region bordering Ukraine, according to regional Gov. Alexander Bogomaz.

Russia’s Defense Ministry said that 29 Ukrainian drones were shot down overnight into Sunday in four regions of western Russia: 20 over the Bryansk region, seven over the Kaluga region, and one each over the Smolensk and Kursk regions.

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.
About the Author
By The Associated Press
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

Trump at a podium
PoliticsIran
Trump will address the nation about the Iran war on Wednesday. Here’s what to expect
By Eva RoytburgApril 1, 2026
8 hours ago
Luigi Mangione’s federal trial has been pushed back to October in killing of UnitedHealthcare CEO
LawMurder
Luigi Mangione’s federal trial has been pushed back to October in killing of UnitedHealthcare CEO
By The Associated Press, Michael R. Sisak and Larry NeumeisterApril 1, 2026
11 hours ago
trump
CommentaryEPA
The EPA just valued a human life at $0. That’s not just a moral crisis — it’s a market crisis
By Andrew BeharApril 1, 2026
16 hours ago
pelosi
CommentaryElections
Congress has a lower approval rating than Hitler in some polls. And we just keep voting for the same 2 parties
By Stu StrumwasserApril 1, 2026
18 hours ago
Photo: Donald and Melania Trump.
PoliticsMarkets
Trump has no good options in Iran—here are 5 of them ahead of his speech to the nation tonight
By Jim EdwardsApril 1, 2026
18 hours ago
MUSCAT, OMAN - MARCH 22: The Albina Bulk carrier sits anchored on March 22, 2026 at Sultan Qaboos Port in Muscat, Oman.President Donald Trump had threatened to attack Iran's energy infrastructure if it did not end its de facto blockade of the Strait of Hormuz by just before midnight GMT of March 23. A subsequent statement from President Trump said the U.S. and Iran had held "very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East," and that he would postpone any attacks on Iranian energy infrastructure for five days. Maritime traffic through the strait, which conveys about 20% of the world's oil and gas, has mostly come to a halt after the joint U.S.-Israeli war with Iran that began on February 28.
EnergyIran
Trump has a labyrinth of bad options in the Strait of Hormuz. Here’s why some warn that walking away could transcend ‘our defeat in Vietnam’
By Jordan BlumMarch 31, 2026
1 day ago

Most Popular

Jerome Powell says the $39 trillion national debt is ‘not unsustainable,’ but warns the trajectory ‘will not end well’
Economy
Jerome Powell says the $39 trillion national debt is ‘not unsustainable,’ but warns the trajectory ‘will not end well’
By Fortune EditorsMarch 30, 2026
2 days ago
Two-thirds of parents say their adult Gen Z kids still rely on them financially  for support—even though it's putting them under strain
Success
Two-thirds of parents say their adult Gen Z kids still rely on them financially  for support—even though it's putting them under strain
By Fortune EditorsMarch 31, 2026
2 days ago
A man used AI to call 3,000 Irish bartenders to track the cost of Guinness. Now pubs are lowering their prices to compete
AI
A man used AI to call 3,000 Irish bartenders to track the cost of Guinness. Now pubs are lowering their prices to compete
By Fortune EditorsMarch 30, 2026
2 days ago
Current price of gold as of April 1, 2026
Personal Finance
Current price of gold as of April 1, 2026
By Fortune EditorsApril 1, 2026
15 hours ago
Current price of oil as of April 1, 2026
Personal Finance
Current price of oil as of April 1, 2026
By Fortune EditorsApril 1, 2026
16 hours ago
Kevin O'Leary says if you earn $68,000 a year and follow this rule, you'll retire a millionaire
Personal Finance
Kevin O'Leary says if you earn $68,000 a year and follow this rule, you'll retire a millionaire
By Fortune EditorsMarch 31, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.