(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 spent almost half of its budget of 3.5 trillion Russian rubles (26.4 billion dollars) for defense between January-April, which is 2.6% less than the overall budget of 3.5 trillion.

In 2022 the ministry was expecting a surplus budget of 1%, which is 1.3 trillion rubles, however, it now anticipates that there will be a deficit of at most 1.6 trillion rubles. This allows for support payments to offset an unprecedented Western barrage of 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 armor and tens to thousands of troops into Ukraine on February 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. This is 128% more than April 2021. It also helped to put the state’s monthly budget into deficit this year for the first-time.

The defense expenditures have increased, but the finance ministry has declined to comment.

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 claims that Russia has been aggressively nationalism and persecuting Russian-speakers. ($1 = 64.4010 roubles)