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- The Kremlin has plans to hike Russia's spending by 26% in 2024, per the UK's Ministry of Defence.
- But it will likely have to impose austerity measures due to missing revenue goals, the MOD said.
- Russia's National Wealth Fund is "increasingly being used to fund its invasion of Ukraine," it said.
The Kremlin will likely need to impose austerity measures to resolve Russia's budget deficit amid the growing cost of its invasion of Ukraine, according to UK intelligence.
The UK Ministry of Defence said in an intelligence update on Monday that Russia will likely miss its revenue targets for 2024, forcing it to find new ways to fill the gap.