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Putin: Belousov Must Integrate Defence Spending Into Overall Economy

RUSSIA
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Writes carrying comments from Russian President Vladimir Putin covering a range of issues related to the war in Ukraine.

  • Putin states that, "work is going to plan in military operation in Ukraine... our troops are improving positions in all directions every day."
  • Putin, "tells generals: the more effectively you work at the front, the more chances there are to resolve the conflict peacefully," likely referring to leverage gained by territorial control at an eventual peace process although there is no suggestion of any such talks in the near-term.
  • On this week's surprise decision to replace long-term defence minister Sergei Shoigu with technocrat economist Andrei Belousov, Putin says Belousov, "was appointed as spending on the military is growing…we must use the defence spending carefully and effectively," noting that "defence and security spending may be a little more than 8.7% of GDP in 2024."
  • Putin says: “The ratio between canons and butter must be integrated into the development of the Russian state… I hope Belousov can cope with these tasks.”
  • The shakeup suggests that Putin is looking to shore up the Russian military industrial complex and get military spending under control to increase the long-term sustainability of the war economy.
  • Alexander Propenko, a former Bank of Russia advisor, wrote on X: "Putin's priority is war; war of attrition is won by economics. Belousov is in favor of stimulating demand from the budget, which means that military spending will at least not decrease but rather increase."
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Writes carrying comments from Russian President Vladimir Putin covering a range of issues related to the war in Ukraine.

  • Putin states that, "work is going to plan in military operation in Ukraine... our troops are improving positions in all directions every day."
  • Putin, "tells generals: the more effectively you work at the front, the more chances there are to resolve the conflict peacefully," likely referring to leverage gained by territorial control at an eventual peace process although there is no suggestion of any such talks in the near-term.
  • On this week's surprise decision to replace long-term defence minister Sergei Shoigu with technocrat economist Andrei Belousov, Putin says Belousov, "was appointed as spending on the military is growing…we must use the defence spending carefully and effectively," noting that "defence and security spending may be a little more than 8.7% of GDP in 2024."
  • Putin says: “The ratio between canons and butter must be integrated into the development of the Russian state… I hope Belousov can cope with these tasks.”
  • The shakeup suggests that Putin is looking to shore up the Russian military industrial complex and get military spending under control to increase the long-term sustainability of the war economy.
  • Alexander Propenko, a former Bank of Russia advisor, wrote on X: "Putin's priority is war; war of attrition is won by economics. Belousov is in favor of stimulating demand from the budget, which means that military spending will at least not decrease but rather increase."