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

Exclusive

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

An hour in the Oval Office with President Trump.

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.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter will deliver clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up 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
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
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
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

hochul
Economyremote work
New York governor pleads for remote work during massive rail strike: ‘regular commuters who can work from home … please do so’
By Philip Marcelo, Michael R. Sisak and The Associated PressMay 18, 2026
39 minutes ago
Donald J. Trump
PoliticsDonald Trump
EXCLUSIVE: An hour in the Oval Office with the CEO-in-Chief, President Trump
By Alyson ShontellMay 18, 2026
7 hours ago
 Sen. Bill Cassidy, who voted to convict Trump in Jan. 6 impeachment, loses primary as president retains grip on GOP — ‘that’s what you get’
PoliticsRepublican Party
 Sen. Bill Cassidy, who voted to convict Trump in Jan. 6 impeachment, loses primary as president retains grip on GOP — ‘that’s what you get’
By Thomas Beaumont, Jack Brook, Stephen Smith and The Associated PressMay 17, 2026
23 hours ago
epstein on the right, deutsche bank logo, dollar bill butterflies, and christian sewing on the left in a collage
BankingJeffrey Epstein
‘The Butterfly Trust’: How Deutsche Bank maintained Jeffrey Epstein as a client until he was arrested
By Lily Mae LazarusMay 17, 2026
1 day ago
U.S. allows Russia oil sales waiver to expire despite tight market
EnergyOil
U.S. allows Russia oil sales waiver to expire despite tight market
By Jennifer A. Dlouhy and BloombergMay 16, 2026
2 days ago
U.S., Iran stall on Hormuz reopening as oil supplies tighten
PoliticsIran
U.S., Iran stall on Hormuz reopening as oil supplies tighten
By Skylar Woodhouse, Jeff Mason, Arsalan Shahla and BloombergMay 16, 2026
2 days ago

Most Popular

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
AI
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
2 days ago
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
Economy
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
By Jason MaMay 17, 2026
20 hours ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
6 days ago
'No one was coming to save me': How Reese Witherspoon built a $900 million company from a problem Hollywood wouldn't fix
Success
'No one was coming to save me': How Reese Witherspoon built a $900 million company from a problem Hollywood wouldn't fix
By Sydney LakeMay 17, 2026
1 day ago
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
Innovation
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
By Jason MaMay 16, 2026
2 days ago
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
Politics
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
By Jason MaMay 16, 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.