Russia gave Putin its annual review of the Ukraine war. Here are 10 highlights.

"Belousov said that Russia's war spending is on track to reach about 5.1% of the country's GDP in 2025, out of an overall defense budget that reaches 7.3% of its annual GDP. The country's nominal GDP in 2024 was about 201.2 trillion rubles, and is expected to grow 1% this year to about 203 trillion rubles, or $2.52 trillion. Russian independent media, however, reported that the economic ministry has forecast a GDP of about $2.7 trillion for the year. A war budget of 5.1% would therefore be somewhere between $128 billion and $137.7 billion."

"Business Insider could not independently verify the defense ministry's claims, which often differ significantly from those of international observers. Russia's leader, Vladimir Putin, said at the meeting that the Kremlin's troops were "crushing" Ukraine, despite the war dragging on for nearly four years. The disclosures also come as Russia has sought to project strength and demanded heavy concessions from Ukraine while negotiating potential peace terms with the Trump administration."

An official end-of-year review presents Russian military goals, performance claims, and newly disclosed figures for the Ukraine war. War spending is projected at about 5.1% of GDP in 2025, implying roughly $128–$137.7 billion dedicated specifically to the conflict, with total defense spending at 7.3% of GDP. Nominal GDP for 2024 is cited near 201.2 trillion rubles and expected to rise about 1% to 203 trillion rubles (around $2.52 trillion), while independent media cited a higher $2.7 trillion estimate. The review contrasts Russian spending with the US planned $901 billion military budget and emphasizes projecting strength and seeking concessions in negotiations.

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