With Ukraine conflict burning, US weapons sales in Europe are surging
Date
11/12/2022 6:48:07 AM
(MENAFN) In accordance with a study firm, sales of US armaments and other military gear to Europe are increasing as a result of the ongoing Western-backed crisis in Ukraine, with European countries planning to increase their arsenals by $230 billion.
According to the Stockholm International Peace Research Institute (SIPRI), over half of recent military expenditures in many European countries went to American arms manufacturers, with Norway devoting 83 percent to US purchases, the UK 77 percent, Italy 72 percent, and the Netherlands spending 95 percent on US-made weapons from 2017 to 2021, with total European arms imports increasing 19 percent over the previous five years.
“This is certainly the biggest increase in defense spending in Europe since the end of the Cold War,” according to Ian Bond, director of foreign policy at the Centre for European Reform, as cited in a Saturday report by Yahoo News.
As stated by research, since the Ukraine crisis began in late February, European Union countries have vowed to increase their arsenals by around $230 billion, with Germany alone proposing to modernize its military by $100 billion this year.
“Many European countries have plans to increase their military spending very significantly, and to increase their purchases of arms as part of that,” asserted by Pieter Wezeman, a senior researcher with the SIPRI Arms and Military Expenditure Program as quoted in the report. “And in some countries, they’re accelerating” purchases originally slated for later this decade.
MENAFN12112022000045011137ID1105172261
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.