On February 24, Russian President Vladimir Putin announced a ‘special military operation’ in Ukraine. However, it was clear from his speech that the invasion was also meant to send a message to the United States and its allies, or the so-called “western bloc.” The west consequently responded with economic sanctions against Russia.
These increased geopolitical tensions due to the Russia-Ukraine conflict has pushed many nations to strengthen their defense budget. As of March 22, six NATO members have pledged defense spending increments of $133 billion, with more nations expected to jump on the bandwagon. Recently, President Biden proposed a 4% increase in spending for national defense to $813 billion in the spending package signed earlier this month to the fiscal year 2023 Pentagon budget, which now includes $813 billion in spending for national defense.
