The sharp increase in military spending by Western countries, necessary to supply weapons to Ukraine and rearm their own militaries, is a boon to defense contractors, Sky News said on Friday.
But while the likes of Lockheed Martin and Boeing enjoy extra profits, the arms race poses a threat to European stability, the article warned, citing data from the Stockholm International Peace Research Institute (SIPRI), a leading weapons watchdog. The British outlet spoke to Siemon Wezeman, a senior researcher at the arms transfers program of the SIPRI.
NATO countries have committed more than $8 billion worth of military equipment to Ukraine with the stated goal of helping the country defend itself against Russia. More than half of the sum came from the US alone. The US Congress has already approved future defense spending related to arming Ukraine and replenishing American weapons stockpiles depleted by the aid.
American defense contractors are the ones benefiting most from the spending spree. Raytheon and Lockheed Martin will be producing replacements for the thousands of Javelin anti-tank rockets sent to Ukraine by the US and its allies. Raytheon is also the producer of the Stinger anti-aircraft missile, another popular item on the Ukraine aid lists. Lockheed Martin makes the HIMARS multiple rocket launchers, which Washington approved for sending to Ukraine in its latest package.