The lower house of Russia's parliament, the State Duma, has approved a federal budget for the years 2024-2026 that will see a significant increase in spending, particularly in the defense sector. The budget, aimed at funding the Russian military and mitigating the impact of sanctions, was passed on Friday amidst the Kremlin's efforts to bolster support for President Vladimir Putin ahead of the upcoming presidential election in March.

Projected to increase spending by approximately 25% in 2024, this budget is set to allocate the highest amount ever witnessed in modern Russian history towards defense expenditures. Analysts believe that this move is indicative of the government's commitment to resolving the conflict in Ukraine and their preparedness for potential military confrontations with Western powers.

Richard Connolly, an expert on Russia's military and economy at the Royal United Services Institute in London, describes the budget as a sign of the "wholesale remilitarization of Russian society". With defense spending surpassing social expenditures next year, concerns are raised about the potential long-term implications of such a shift in budget priorities.

Despite these concerns, the budget also focuses on addressing domestic issues. The Russian government aims to maintain record low unemployment rates, increase wages, and provide targeted social spending to alleviate any adverse effects on the population caused by the economic shift towards military preparations. However, some experts caution about the viability of such measures in the long run.

The Russian Communist Party, however, opposed the budget, criticizing what they perceive as inadequate financial support for the elderly and low pensions. This opposition reflects the broader disparities in opinion on how the government should allocate funds in order to effectively address the needs of the population.

The budget, valued at 36.66 trillion rubles (around $411 billion) in 2024, is expected to result in a budget deficit of 0.8% of Russia's gross domestic product, according to the Finance Ministry. It should be noted that a significant portion of the budget remains undisclosed to maintain secrecy surrounding Russia's military plans and its involvement in the conflict in Ukraine.

The approved budget will now proceed to the Federation Council, the upper chamber of Russia's parliament, for approval, after which it will eventually move to President Vladimir Putin for his signature. By earmarking a substantial portion of funds for defense and law enforcement, the Russian government aims to address both its external security concerns and meet its social obligations to the state.

In the coming years, it will be crucial to monitor the impact of this budget on Russia's economic stability, domestic socio-economic conditions, and its geopolitical position.