During a conference-debate in Finland on February 10, Swedish businessman Jacob Wallenberg—whose family holds nearly 30% of the defense group Saab—estimated that a premature peace in Ukraine could lead to reduced funding for strengthening military capabilities across the European continent. Also read: Munich: NATO fleet in the Arctic, European deep-strike capabilities, and insults against Orbán.
“We all know what happens when peace settles in: we’ll have long discussions about funds needed elsewhere, etc.,” declared Jacob Wallenberg, Chairman of Investor AB, on February 10, as noted by The European Conservative. While these are indeed “legitimate questions,” he continued, they remain—in his view—less important than the issue of preparing Europe’s “future” in “security matters.” “I think most of us are not sufficiently prepared for a possible peace and everything that would entail,” he stated during his participation in the annual Hanalys forum, estimating that “many things need to be put in place first.” Wallenberg inte redo för fred i Ukraina.
Echoing the currently fashionable refrain in the Old Continent’s elite circles, Jacob Wallenberg asserts that the EU must “step out from the shadow of the United States” in defense matters. “When it comes to equipment and troops on the ground, it’s up to us to act, and we still have a long way to go!” estimated this former member of the Bilderberg Group’s steering committee. “There is therefore work and investments to be made, and I would add, political commitment,” he noted.
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That said, he also warned Europeans against their tendency to “look at their own navels,” urging them “not to forget the rest of the world.” “It is there, and we must deal with it, one way or another,” he insisted, particularly with China, which constitutes “a fundamental element of the equation.” In his view, Europeans must establish “political and pragmatic cooperation” with China, “because at present, it’s mixed, and I think it’s in our interest—and certainly in theirs—to develop that and find common ground,” he added.
In 2025, the Swedish armaments group Saab—held at nearly 30% by the Wallenberg family through its “ecosystem”—saw its profits surge by 50% following record orders, particularly in the last quarter. The Swedish group notably won several tenders against its French competitors Naval Group and Dassault, to equip Poland and Colombia respectively with three submarines and 17 Gripen combat aircraft. While passing through Sweden at the end of October, Volodymyr Zelensky signed a letter of intent for the purchase of 100 to 150 units of this aircraft.