Reuters news agency has reported that Russia has doubled its estimate for 2023 defense spending, as the war in Ukraine drags on.

Reuters reported on Friday that Russia's estimated annual spending now stands at 9.7 trillion rubles, or more than 100 billion dollars -- a third of all public expenditures.

Funding for schools, hospitals and roads has been squeezed as a result. Experts say Russia has seen its military spending soar, as the invasion drags on.

The US Treasury Department believes that Russia's revenue from oil exports has decreased since the Group of Seven nations and allies imposed a price cap on Russian crude.

Russian President Vladimir Putin signed a law introducing a windfall tax on excess profits of Russian companies.

The windfall tax rate will be 10 percent of the difference between firms' average profit for 2021 to 2022 and their profit for 2018 to 2019, according to Reuters. There are exemptions for a series of sectors including small and medium-sized businesses and oil, gas and coal companies.

The tax will be due on January 28 next year. But a discount tax rate of five percent will be applied to those that pay before November 30.

Russian newspaper Kommersant reported this is a sign that the government is eager to receive money from taxpayers as soon as possible.