Sweden to reach Nato spending target 2 years ahead of schedule and warns of ‘serious security situation’

Sweden is expected to reach the Nato target for defence expenditure two years ahead of schedule as a result of soaring prices and a weak currency, defence officials have declared.

The announcement comes after Sweden, alongside neighbouring Finland, applied to join the military alliance in the summer as a result of Russia’s invasion of Ukraine.

The applications of the two Nordic countries have so far been approved by 28 of Nato’s 30 members.

“We are in a very serious security situation,” Sweden’s supreme commander of the armed forces Micael Byden told a news conference.

He said Sweden would increase its military capacity across land, sea and air, including more unmanned systems and increased presence on the strategic island of Gotland. Sweden will double its number of conscripts from 24,000 in 2025 to 50,000 in 2035.

Increased prices for military equipment, rising interest rates and a weak Swedish currency, making purchases from abroad even more costly, meant Sweden‘s expenditure on defence was estimated to reach 2 per cent of GDP sooner than previously estimated, the supreme commander said.

Mr Byden also said he recommended the government should avoid setting any red lines initially when joining Nato, such as not allowing Nato bases or nuclear weapons on Swedish territory.

“To set reservations at an early stage, before we have even joined, is to create friction and blockages and we want to avoid that,” he said.

It comes after a report from the Institute for the Study of War warned that Russia is likely to continue the Ukraine war into the winter in the hope of weakening western support for Kyiv so they can “freeze Europe into surrender”.

The remarks from the Washington-based think tank come at a time when Vladimir Putin’s forces have destroyed around 40 per cent of Ukraine’s energy infrastructure, affecting 16 regions, according to the Ukrainian government.

“Unfortunately, the destruction and damage are serious,” Kyiv regional governor Oleksiy Kuleba said in a Telegram post.

“It is necessary to prepare for emergency power outages for an indefinite period.”

Additional reporting from agencies