EU must move to a “war economy’, says European Commission President. Russia is estimated to spend 6% of its GDP on defense this year, while average EU spending remains below NATO's target of 2% of GDP.

Russia constitutes a serious military threat to our European continent and to global security. We must use the European budget to buy military equipment for Ukraine; Let's use the windfall to buy more from retained Russian assets, says EU chief Jens Stoltenberg.