The biggest beneficiaries of the Ukraine war are arms manufacturers, particularly in the U.S. and Europe, as well as energy companies, logistics firms, and financial institutions. The U.S. has expanded its share of global arms exports to 43%, with defense giants like Lockheed Martin, Raytheon, Boeing, Northrop Grumman, and General Dynamics seeing record profits from weapons sales to Ukraine and NATO allies. European arms imports grew 155%, benefiting companies like BAE Systems, Rheinmetall, Saab, and Thales, which supply tanks, artillery, and missiles. The war also disrupted Russian gas supplies to Europe, boosting U.S. LNG exports and profits for energy giants like ExxonMobil, Chevron, and Shell. Meanwhile, private military contractors (PMCs), logistics firms handling arms shipments, and financial institutions like BlackRock and Vanguard—which invest heavily in defense stocks—have also profited. With global military spending rising, these industries are set to benefit for years.
Altaf Choudhry
11.03.2025

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