Russia's military budget is more the whole of Europe's combined as Vladimir Putin gears the nation's economy for conflict.

Skyrocketing by 42% in real terms last year, Russia's total defence spending hit 13.1 trillion rubles (£114 billion) - £366 billion when adjusted for purchasing power parity.

Europe's collective defence budgets, encompassing both the UK and EU member states, rose nearly 12% to £362 billion, according to the International Institute for Strategic Studies (IISS).

The IISS "Military Balance" report provides an overview of worldwide military capabilities and defence spending, highlighting the security threats that Europe faces, particularly if US support for Ukraine and overall European security weakens.

It forecasted that Russia's total defence spending, including voluntary payments from regional authorities and companies, is expected to increase by 13.7% this year, reaching 15.6 trillion rubles (£136 billion).

This is equivalent to 7.5% of its GDP or almost 40% of federal spending. Although this is taking a toll on the Russian economy, the IISS notes that "Russia can still bear the costs of war".

In contrast, if Europe were to increase its defence spending to 3% of GDP, it would require an additional £198 billion. If it were to rise to 5% of GDP, defence spending would increase by approximately £634 billion, nearly double Russia's current spending.

However, the IISS also pointed out that European defence spending has already grown by 50% since 2014, and "fiscal constraints may dampen [further] growth".

Germany's defence budget surged by 23% to hit £68 billion, surpassing the UK's defence budget of £64 billion for the first time in over thirty years.

However, this increase was attributed to one-off payments from a special German defence fund, and maintaining this level is "subject to a higher degree of uncertainty", the IISS said.

This comes as Donald Trump confirmed "very serious" discussions with Moscow regarding an end to the Ukraine war, while voicing concerns over the US paying excessive costs for this conflict and broader European security.

Top figures in the president's circle, including Vice President JD Vance and special envoy Keith Kellogg, are set to engage with Volodymyr Zelensky and other European delegates at the Munich Security Conference this weekend.

The Republican has consistently highlighted the need for Europe to increase its defence spending, including support for Ukraine