(Reuters) – Russia’s defense spending increased nearly 40% over the first four months, preliminary data from the Finance Ministry on Wednesday showed. This is almost three months after Moscow launched its large-scale military operation in Ukraine.

Russia’s defense spending between January and April was 1.7 trillion rubles ($26.4 billion), almost half of the total 3.5 trillion rubles (or 2.6% GDP) budgeted.

Initial projections for a budget surplus of 1 percent of GDP (or 1.3 trillion Russian rubles) for 2022 were made by the ministry. However, they now forecast a deficit at least 1.5 trillion roubles. That will allow for support payments in order to combat an unprecedented wave of Western economic sanctions.

Russia’s National Wealth Fund, a cushion made up of oil and natural gas revenues that provides a safety net for the future, will be used to help cover the deficit and support stocks and bonds. These have been in sharp decline since Moscow sent heavy armour and tens to thousands of troops into Ukraine on Feb. 24, 2014.

A portion of the NWF has been invested in financial market investments, with its value falling $20 billion to $155 Billion between February and April according to data published Monday.

Russia has spent $628 billion rubles ($9.7billion) in April on its military. That’s 128% more than April 2021 and helped tip the month’s state budget into deficit.

The increase in defense spending was not discussed by the finance ministry.

In Ukraine, thousands of civilians were killed and over 14 million fled their homes. This conflict was declared necessary by Russia to stop Western aggression and defend Russian-speakers against repression.

Ukraine asserts it is resisting an imperial-style land grab, and Moscow’s assertions of aggressive nationalism or persecution of Russian-speakers as nonsense are laughable. ($1 = 64.4010 roubles)