European NATO countries are ready to spend almost $500B on defense; the EC has already allocated €500M to increase ammunition production.

Monday, March 18, 2024
European NATO countries are ready to spend almost $500B on defense; the EC has already allocated €500M to increase ammunition production.

The threat posed by Russia forces has convinced NATO countries to arm themselves, and they also need to arm Ukraine, Secretary General Jens Stoltenberg said.

He added that this year, the combined defense investment by European NATO countries will amount to $470B and will reach 2% of GDP for the first time. He also called on NATO countries to hasten the provision of as many shells as possible to Ukraine.

It should be noted that the EU’s military expenditures should exceed Russia’s spending by almost 300%. Moscow has budgeted ₽10.7T (about 6% of GDP), or $118B, for defense spending in its 2024 budget. However, the FT notes that NATO members in Europe need to find an additional €56B a year to meet their defensive spending target.

Meanwhile, the EC has announced the allocation of €500M to European companies to increase ammunition production capacity in order to provide Ukraine with its needs and replenish EU stocks. By the end of 2025, annual European ammunition production should reach two million units.

 

Support independent journalism team

Dear Ukraine Business News reader, we are a team of 20 Ukrainian journalists, researchers, reporters and editors who would humbly ask for your support.

Previous post
In February, hryvnia bonds were 50% more profitable than bank deposits.

In February, hryvnia bonds were 50% more profitable than bank deposits.

Next post
The West is deliberately limiting the supply of weapons to Ukraine to induce Putin to de-escalate; instead, Russia is preparing a new summer offensive.

The West is deliberately limiting the supply of weapons to Ukraine to induce Putin to de-escalate; instead, Russia is preparing a new summer offensive.

Previous Main Topics