EU countries bordering russia have called on Brussels to confiscate russia's assets and increase investment in defense

The document calls on the EU to use joint borrowing, allow the European Investment Bank to spend money on basic defense needs, and cooperate with European partners outside the bloc, which is obviously a reference to the UK.

The countries estimate that current military spending by EU member states will amount to about €326 billion in 2024. The document concludes that this figure should double if the bloc wants to achieve the target of spending at least 3% of gross domestic product and be prepared for “extraordinary military circumstances.”

Currently, the EU is preparing a new defense strategy, and the bloc's leaders are scheduled to meet informally in Brussels on February 3 to present their proposals. This draft is due in March, and the plan is expected to be adopted by the end of the year.

The four countries warn that russia has already begun to build up its military and produces three times as many artillery shells as Europe and the United States combined. The bloc also faces other challenges due to the dependence of its supply chain on Beijing and Moscow's deepening ties with China, Iran, and North Korea.

According to the document, the EU's demands include at least €50 billion to increase the production of artillery and strategic stockpiles.

The bloc should also provide continuous and sustainable military support to Ukraine. “Kyiv has a growing industrial potential, but needs financial support,” the document says. To facilitate this, the EU should take steps to freeze the frozen assets of the russian central bank. So far, the bloc has only used the profits generated by the frozen funds.

Source: Bloomberg