Putin boosts Ukraine war spending to record £154bn

Vladimir Putin is allocating a record 17.1 trillion roubles (£154bn) to the war in Ukraine, the highest annual sum since the February 2022 invasion, according to official documents seen by Reuters. The figure is 27 per cent higher than the £122bn originally budgeted for 2027 and forms part of a £450bn total defence allowance over three years. To finance this, the Kremlin plans new tax increases, including a windfall tax on metals and mining firms, while Russia's state debt is projected to rise to 21.7 per cent of GDP by 2027. The spending surge follows sham elections that barred opposition parties, with analysts fearing it could embolden a fresh mobilisation. Putin has already expanded the military four times this year, and Ukrainian officials claim Moscow is preparing to recruit 300,000 personnel by 2027, while heightened spending has strained the economy through inflation and labour shortages.