Russia's parliament has approved a budget that includes a record amount for defense spending

Russia's parliament approved a federal budget for 2024-2026 on Wednesday, increasing spending by around 25% and allocating a record amount to defense.

The Federation Council, Russia's upper chamber of parliament, unanimously approved the budget, which will now be sent to President Vladimir Putin for signature.

The budget for 2024-2026 was created specifically to fund Russia's military and to mitigate the impact of "17,500 sanctions" on Russia, according to State Duma Chairman Vyacheslav Volodin, after the lower chamber approved it on November 17.

Defense spending is expected to surpass social spending for the first time in modern Russian history next year, according to the country's largest budget. It comes as the Kremlin seeks to shore up support for President Vladimir Putin ahead of a presidential election in March.