Putin says he will reduce defense spending for the next 3 years

Vladimir Putin plans to reduce Russia's military spending over the next three years, citing warnings from officials about the country being "on the brink of recession." He announced these plans at an economic summit in Minsk. Responding to NATO's defense spending increase, he questioned who is preparing for "aggressive actions."

Economic development minister Maxim Reshetnikov confirmed the risk of recession, while Bank of Russia governor Elvira Nabiullina noted that wartime growth is slowing. Despite 2024's economic growth, inflation and labor shortages remain high. Banks anticipate potential crises due to businesses struggling with debt.

Putin dismissed concerns about the economy’s performance.