All articles tagged with #defence industry
German authorities arrested five men suspected of running a network that smuggled goods worth at least €30 million to Russian defence companies, bypassing EU sanctions through front companies and about 16,000 deliveries; an asset freeze of €30 million was issued as raids took place across several cities, with five suspects still at large.
The U.S. Pentagon is investing $1 billion in L3 Harris's missile-motors business via convertible preferred equity that will spin off into a new public company, with an IPO expected in late 2026. The move aims to bolster domestic rocket-motor supply for missiles like Patriot and Tomahawk, but it raises questions about conflicts of interest and competition in the defence industry.
The head of a Russian defence factory, Vladimir Arsenyev, set himself on fire outside the Kremlin in protest over the pressures and contractual issues faced by his company amid Russia's ongoing Ukraine conflict, highlighting the severe challenges and government pressures on Russia's defence sector.
A joint fraud investigation by UK and French authorities has been launched into Thales, a major defence and aviation firm, over suspected bribery and corruption related to arms sales. The probe follows searches of Thales offices in France, the Netherlands, and Spain. The Serious Fraud Office and Parquet National Financier are leading the investigation, with Thales cooperating but refraining from further comment. Thales is a key contractor for the UK government, recently securing significant defence contracts.
Ukrainian President Volodymyr Zelenskiy claims to have observed a slowdown in Russia's defense industry, urging for the closure of sanctions loopholes. However, Russian officials have reported a significant increase in the production of military equipment. Zelenskiy also discussed the need to enhance domestic production and speed up logistics for weapon supplies, particularly focusing on air defenses following a lower-than-normal shoot-down rate of Russian missiles by Ukrainian forces.
The EU is expected to miss its target of supplying Ukraine with 1 million artillery shells and missiles by March 2023, according to the German defense minister. The target was set in response to Ukraine's urgent need for ammunition in its fight against Russia. EU defense ministers acknowledged the need to do more and faster to reach the target, with the EU's chief diplomat highlighting the issue of export commitments by EU defense manufacturers. While the EU has provided over 300,000 artillery shells and missiles, the production capacity exists, but the challenge lies in shifting production to prioritize Ukraine. The EU's industry commissioner expressed confidence in meeting the target, but member states need to place orders. The EU's defense industry will take time to increase supplies, as it is currently geared towards peacetime conditions. The US remains the biggest supporter of Ukraine, followed by Germany, the UK, and Norway.
The EU has agreed to provide Ukraine with one million artillery shells within the next 12 months, as part of a two-billion-euro plan to jointly purchase ammunition for the country. The plan involves raiding EU arsenals and fast-tracking new orders, as well as supporting the defence industry to ramp up production in the longer term. Germany has already called for countries to join its own effort, which it believes will go faster. The move comes as Ukraine complains of having to ration firepower in the face of Russia's year-long invasion. The US has also announced it will send Ukraine $350m in weapons and equipment.