Finland will increase its defense budget by 40% by 2026, following the Russian invasion of Ukraine, the Ministry of Defense announced today, while the Scandinavian country is considering the possibility of joining NATO.
Under an agreement reached yesterday, Tuesday, by the majority parties, military appropriations will be gradually increased to more than 7 billion euros a year, which means an increase of more than 2 billion euros compared to the 2022 budget that has already voted.
“We are facing a new situation. Everything we were used to is now being questioned,” Defense Minister Andy Kaikonen told a news conference.
“Russia’s attack on Ukraine means we have to re-evaluate our defense needs,” he said.
The Nordic country, which has a 1,340-kilometer border with Russia, will increase its military spending by about 800 million euros in 2023 and then by almost 400 million each year until 2026, according to the agreement reached yesterday.
Most of this budgetary effort will involve new weapons and equipment (anti-tank weapons, anti-aircraft weapons, missiles and ammunition …), according to Kaikonen.
The announcement comes as Finland, which has so far been non-aligned, is considering applying to join NATO.
Finland, as well as neighboring Sweden, which is also non-aligned, have been linked to the Atlantic Alliance since the mid-1990s through the Partnership for Peace.
SOURCE: AMPE
Source: Capital
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