President Vladimir Putin said Russia has “no limitations” on military spending for the war in Ukraine.
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The commitment to spare no expense on the war will be a strain on government finances as the proceeds from energy exports come under pressure from price restrictions imposed by the U.S. and its allies. While Russia is running a record current-account surplus this year, the flow of money is expected to weaken in 2023 as sales of gas to Europe plunge and Group of Seven sanctions curb Russia’s oil revenue.
The Kremlin leader addressed his military chiefs as Ukrainian President Volodymyr Zelenskiy prepared to meet US counterpart Joe Biden in Washington on his first trip outside Ukraine since Russia’s Feb. 24 invasion began. Biden will unveil almost $2 billion more in assistance and announce moves to deliver a Patriot missile battery to help Ukraine build up its air defenses against a campaign of Russian strikes aimed at knocking out heat, power and water supplies during the winter.
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