ABSTRACT
Russia’s core defence budget saw a mild nominal increase in 2021 but fell by 1.8% in real terms as the inflation rate reached 5.9%. Similarly, while total military expenditure is estimated to have reached RUB4.59 trillion (USD62.2 billion) in 2021, up from RUB4.46trn (USD61.6bn) the year before, this also constitutes a reduction in real terms of 5.2% down to USD55.7bn (constant 2015 USD).
