Russias military spending in 2024, when adjusted for purchasing power parity (PPP), exceeded that of the European Union and the United Kingdom combined by nearly $5 billion, the International Institute for Strategic Studies (IISS) said Wednesday.Total military expenditures in Russia grew by 41.9% in real terms to 13.1 trillion rubles ($145.9 billion) last year, according to IISSs annual military balance report.When adjusted for PPP, which accounts for differences in currency value, Russias 2024 defense spending amounted to $462 billion.By comparison, the combined defense budgets of the EU and U.K.
rose by 11.7% in real terms to $457 billion last year.The year 2024 marked the 10th consecutive year of defense spending growth in Europe, according to IISS, a London-based think tank focused on security and defense issues.Global military spending, meanwhile, reached $2.57 trillion in 2024, an increase of 7.4%.The main concerns in Europe remain the sustainability of recent increases, the feasibility of any further increases in light of [United States ] President Trumps desire to see spending rise, and the potential for weakened United States defense commitments, IISS said in the new report.Russias economy has increasingly operated on a war footing since its full-scale invasion of Ukraine in 2022.For 2025, Moscow has allocated a record 13.5 trillion rubles ($133.6 billion) to national defense, accounting for nearly 40% of total government spending.