Russia’s war spending hits record 10.7 trillion rubles in first half of 2026

Russia burned through 10.7 trillion rubles on its military in the first six months of 2026, roughly $123.4 billion at current exchange rates. That’s a 30% jump from the same period last year, and it means Moscow is now spending more on war than on everything else in its federal budget combined, measured against revenue.

The figures come from Janis Kluge, a researcher at Stiftung Wissenschaft und Politik (SWP Berlin), who analyzed data published by Russia’s Ministry of Finance.

The numbers behind the escalation

Military spending now accounts for 43.8% of total federal budget expenditures, a record high. Even more striking, it represents 57.3% of total budget revenues. For every ruble Moscow collects, more than half goes straight to the war machine.

To put that in more digestible terms: Russia spent approximately 1.78 trillion rubles per month on military operations during the first half of 2026. That works out to about 2.5 billion rubles per hour, or roughly $28.6 to $29 million every 60 minutes.

About two-thirds of the total, around 7.141 trillion rubles, is classified under “national defense” and remains undisclosed in its specifics.

This level of wartime spending wasn’t supposed to happen, at least not according to the Kremlin’s own budget plans. The 2026 federal budget originally targeted military spending at 6.2% to 6.7% of GDP. Current trajectories suggest the real figure could land between 9% and 10% of GDP, possibly higher if spending continues at its current clip through the second half of the year.

A budget stretched to its limits

The gap between what Moscow planned to spend and what it’s actually spending has created a significant fiscal problem. Russia’s budget deficit is now estimated at 2.8% to 3.8% of GDP, well above the 1.6% annual target the government set for itself.

To cover the shortfall, Moscow has been leaning on its reserves. The National Wealth Fund, Russia’s sovereign rainy-day pot originally designed to cushion the economy during oil price downturns, is increasingly being tapped to fund current military operations.

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