EU must increase its investment in defense, as it will not be able to rely so heavily on US security umbrella - Dombrovskis

RIGA - The European Union (EU) must invest more in defense, as it will no longer be able to rely on the US security umbrella as it has done in the past, Valdis Dombrovskis (New Unity), Executive Vice-President of the European Commission for An Economy that Works for People, who is attending the World Economic Forum in Davos, told LETA.

He stressed that the EU can only cooperate with the US in various areas if there is mutual trust, which also includes respect for sovereignty and territorial integrity.

Dombrovskis stressed that it is important for the EU and the US, as well as NATO allies as a whole, to cooperate and address real threats, including Russian aggression in Ukraine, Russia's future aggressive plans, and China's growing influence, rather than creating new problems among themselves.

The European Commissioner cited last week's meeting of finance ministers in Washington on critical raw materials, organized by US Treasury Secretary Scott Bessent, to discuss how to reduce dependence on China for critical raw materials, including rare earth metals.

Dombrovskis said that the EU is ready to cooperate with the US on this issue and that the parties share similar concerns about China's dominance in supply chains and its potential to use this as leverage, but cooperation is only possible if the sovereignty and territorial integrity of EU member states are not called into question.

Speaking about European security, Dombrovskis said that the EU and its member states need to invest much more in defense and security, as for many years they have relied on the US security umbrella without investing sufficiently in defense.

He pointed out that for many years, NATO's defense spending target was 2 percent of gross domestic product (GDP), but many EU countries that are NATO members did not meet this target. Now the target has been changed to 5 percent of GDP, so investment in defense is particularly important, given that in the future it will no longer be possible to rely on the US security umbrella to the same extent as before.

The European Commissioner pointed out that mutual disputes distract attention from real security issues. He said that, speaking of possible Russian threats in the Arctic, a real war is already taking place in Ukraine, and that is the issue that needs to be addressed now. Dombrovskis pointed out that, in parallel with the discussions on Greenland, talks on Ukraine, the Ukrainian peace plan and post-war economic development, including US involvement, continued in Davos.

The politician reminded that last week the EU came up with a proposal for a EUR 90 billion support package for Ukraine for the next two years - this year and next - to cover Ukraine's needs, and outlined further financial support for Ukraine's reconstruction from 2028 onwards, amounting to EUR 100 billion.

Dombrovskis pointed out that the most pressing issue at the moment is strengthening Ukraine's defense capabilities, including increasing its air defense capabilities, as Russian attacks are bombing heating and power supply systems, leaving residents in several Ukrainian cities without heat and electricity.

Commenting on the possible economic cooperation discussed by the US and Russian presidents, Dombrovskis said that engagement with the US must continue in any case, but the EU's position in negotiations with US representatives is clear: the focus must be on supporting Ukraine and putting pressure on Russia as the aggressor, including in the context of peace negotiations. He added that this position was emphasized in discussions held this morning in Davos, which were also attended by US negotiators on peace matters.