Russia's Increasing Defense Budget Signals Prolonged Ukraine War

Russia is indicating its readiness to continue fighting in Ukraine for several more years, as defense spending is set to make up nearly 30% of the Russian government's expenditures in 2024. The increased military expenses will be funded through higher debt and oil and gas revenues. Meanwhile, EU foreign ministers gathered in Kyiv to reaffirm their support for Ukraine, and President Joe Biden plans to call allies to confirm US support. The Pentagon has only 6% of the funds left to replenish weapons sent to Ukraine, and Ukrainian officials are lobbying Congress to continue aid. Russia may also be testing a nuclear-powered cruise missile.