The most dangerous and regressive approach would be to slash social spending to fund military expansion. This is the route neoliberals are already proposing: reducing budgets for healthcare, education, pensions, and welfare to divert funds toward defense. However, it is evident that weakening social safety would deepen inequality, fuel social unrest, and ultimately destabilize democracies. At a time when far-right populism is on the rise, imposing austerity would rapidly strengthen anti-democratic forces. Given Russia’s and the U.S.’s overt support for these forces, such a move is exactly what Trump and Putin are hoping for.

Another solution would be to increase taxes on the ultra-wealthy and multinational corporations. Those who have profited the most from democracy should contribute the most to its defense. Implementing progressive wealth taxes, taxes on energy, and stronger corporate tax regulations could generate revenue without harming ordinary citizens. However, such a strategy requires coordination to prevent capital flight, as billionaires and corporations would undoubtedly attempt to relocate to low-tax jurisdictions. Trump’s recent announcement of golden visas for the ultra-rich signals that he is already preparing for such a scenario, offering the U.S. as a safe haven for tax avoiders. Switzerland, meanwhile, is not in the EU for this very reason: it seeks to remain a tax haven. This is not new. During the last century, when countries raised taxes to finance their war efforts, Switzerland welcomed billionaires with open arms and, as a result, became indecently wealthy. It may use the same opportunistic strategy once again.

Another option is to confiscate the €300 billion in frozen Russian central bank assets and use them to fund Ukraine’s defense and strengthen European security. It would hold Russia financially accountable for its war crimes while avoiding additional burdens on European citizens. However, European authorities fear that such a move would set a precedent that might make their financial systems appear less reliable to those who invade sovereign states and commit war crimes. Indeed, justice is a dangerous precedent in a system built on protecting the interests of the rich and powerful. If we were to acknowledge moral standards in its economic and political policies, it would risk putting into trouble the very foundations of capitalism itself. It is indeed an unthinkable scenario for those who benefit from its injustices.

If left-wing parties want to remain relevant, they must develop a clear stance on defense strategy. Ignoring military security would only allow right-wing forces to dominate the conversation, portraying the left as naïve or weak—and, in that case, they would not be wrong.

The left must reject the false choice between social justice and national security. Security should not be paid for by cutting pensions or healthcare, but by ensuring that billionaires and multinational corporations contribute their fair share. The left must push for tax justice, closing loopholes that allow corporations to avoid paying taxes, and cracking down on offshore tax havens, including Switzerland.

No single European country can defend itself alone. Instead of each nation massively increasing its own military budget, the EU should strengthen its collective security mechanisms. Energy security must be considered part of military strategy: by reducing reliance on Russian fossil fuels, we can prevent future economic blackmail from it. Above all, the left must urgently push for the confiscation of Russian state assets. Delaying this decision out of concern for financial elites only emboldens aggressors.

Hanna Perekhoda

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