A top NATO military official warned on Saturday that a drastic rise in ammunition prices means that allies' higher defence spending does not automatically translate into greater security and called for more private investment in defence companies.
"Prices for equipment and ammunition are shooting up. Right now, we are paying more and more for exactly the same," Dutch Admiral Rob Bauer, the chair of NATO's military committee, said on Saturday after a meeting of the alliance's chiefs of defence in Oslo.
NATO has been pressing for a boost in defence production to satisfy a demand for weapons and equipment that has soared since Russia's invasion of Ukraine, as allies not only rush supplies to Kyiv but also build up their own inventories. Bauer pushed for more private investment in the defence sector to ramp up production capacity, urging pension funds and banks to stop labelling defence investments as unethical.
"Forty percent of the economy evaporated in the first days of the war, that was private money to a large extent, that money is gone," he noted.There was, however, no correlation between a shortage of ammunition and the arduous progress of the counteroffensive in Ukraine, according to Bauer.
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