Russia plans to maintain defense spending at a historic high in 2025 and sees only slight declines in the following two years as President Putin’s war on Ukraine shows no sign of ending. The draft budget proposals suggest that 6.2% of GDP will be spent on defense. Military expenditure is planned to decline to 5.6% of GDP in 2026 and 5.1% in 2027, according to Bloomberg calculations based on the draft data.