"EU's Strategy to Utilize Frozen Russian Assets for Defense Industry Shift"

The European Commission is set to propose measures to bolster the EU's arms industry and shift it to "war economy mode" in response to Russia's invasion of Ukraine, including encouraging joint procurement of weapons, increasing production capacity, and creating a European version of the U.S. Foreign Military Sales scheme. The proposals aim to make the European defense industry more resilient and less reliant on purely national efforts, but will require approval from EU member states and the European Parliament. The package is expected to include around 1.5 billion euros in new funding through 2027, with potential for greater coordinated spending in the future.