Russia's total defense spending in 2024 increased by 42% to 13.1 trillion rubles, equivalent to $462 billion in purchasing power parity, according to data from the International Institute for Strategic Studies (IISS), reports the Financial Times.

Accordingly, Russia's military spending exceeded the defense budgets of all EU countries and the United Kingdom combined. Their total defense spending in 2024 increased by 12% to $457 billion.

According to IISS forecasts, Russia's military spending in 2025 will grow by 13.7% to 15.6 trillion rubles.

In absolute terms, Germany ($86 billion), the UK ($81 billion), and France ($64 billion) have spent the most on defense in Europe. In percentage terms, Estonia (4% of GDP) and Poland (3.25% of GDP) have paid the most, but their absolute spending was less than that of the three largest European economies, at $1.7 billion and $28 billion respectively.