An annual review of the global military situation says Russia’s stockpiles of Cold War-era weapons and larger population have allowed it to withstand heavy battlefield losses in Ukraine as the West fails to provide Ukraine with the aid needed to mount a counteroffensive.
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Some observers, including U.S. President Donald Trump, see an opportunity for a peace deal in the grinding war of attrition, which is weakening Russia’s economy. National Security Adviser Mike Waltz said last weekend that Trump was prepared “to tax, to tariff, to sanction” to bring Russian President Vladimir Putin to the negotiating table.
Global defense spending jumped to $2.46 trillion last year, an increase of 7.4% after inflation, according to IISS, a London-based think tank that has produced its annual report on the balance of military power for the past 65 years. Putin has restrained the mobilization of troops to maintain support for the war, which is fueling inflation in Russia and draining funds from social programs such as education and healthcare, IISS said. In addition, remaining weapons stockpiles are likely to need costly refurbishment before they can be used on the battlefield.
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