EU ready to increase defence spending and military capabilities as Kremlin welcomes US ‘contribution’ to the cause of peace

New EU plans to strengthen Europe’s defence industry and increase military capabilities could mobilise close to €800bn ($841.4bn), EU Commission president Ursula von der Leyen said on Tuesday in Brussels.

The EU will propose to give member states more fiscal space for defence investments, as well as €150bn euros in loans for those investments, and will aim to mobilise private capital as well, Reuters reports von der Leyen said