Putin's War Effort Strains Russian Economy

President Vladimir Putin has approved a new, multiyear budget that sets defense spending for next year at record-high levels, signaling no let-up in Russia's determination to defeat Ukraine. The approved budget, which was published on the government’s main website on December 1, calls for 35.5 percent of all spending to be allocated for national defense in 2025. That’s up from a reported 28.3 precent this year.The spending plan had been approved by both houses of Russia’s parliament over the previous 10 days. At 13.5 trillion…