Global arms transfers are growing and demand is soaring in Europe

The volume of international transfers of major weapons has grown by 9.2% between 2016–2020 and 2021–2025, according to new data published by the Stockholm International Peace Research Institute (SIPRI). This is the largest increase since 2011–2015 and is partly facilitated by investments and loans from banks such as BBVA, according to the Banca Armada campaign .

The global increase is mainly explained by the sharp increase in transfers to Europe , driven by the war in Ukraine and the increased perception of threat from Russia. In fact, Ukraine received 9.7% of all arms transfers in the world between 2021 and 2025.

According to Mathew George , director of the SIPRI Arms Transfers Programme, “although tensions in Asia and the Middle East continue to drive significant imports, the sharp increase in flows to European states has increased the overall volume by almost 10%”.

The United States consolidates its leadership as an exporter

The United States remains the world's leading arms supplier , accounting for 42% of all international exports between 2021 and 2025, up from 36% in the previous period.

During this time, Washington exported weapons to 99 states , spread across Europe, the Americas, Africa, Asia and the Middle East. For the first time in two decades, Europe surpassed the Middle East as the main destination for US exports.

Other countries have also strengthened their weight in the global market. France remains the second largest exporter , with 9.8% of the total, while Russia has registered a sharp drop of 64% in its exports, reducing its world share to 6.8%.

Europe is the main importing region

Europe has become the region that imports the most weapons in the world , with 33% of the global total . Imports from European states have tripled (+210%) compared to the previous period.

After Ukraine, Poland and the United Kingdom have been the main European importers. Arms purchases have also increased significantly among European NATO members, which have increased their imports by 143% .

The United States has supplied 58% of the weapons imported by the European members of the alliance , followed by South Korea, Israel and France.

Banking in the spotlight

In parallel with this data, the Banca Armada campaign denounced during the BBVA general shareholders' meeting the financial institution's links with companies linked to the military industry and the occupation of Palestine.

According to recent research cited by the campaign, BBVA has financed companies operating in illegal settlements in Palestine with 8.671 billion dollars between 2023 and 2025. In addition, during 2025 it maintained investments in bonds and shares of these companies worth 3.389 billion dollars. In total, the entity would have channeled more than 12.06 billion dollars to companies linked to the occupation and the conflict.

Campaign activists point out that BBVA ranked third in the state ranking of financing the arms industry in 2025, only behind SEPI and Banco Santander.

According to the data presented, between 2022 and 2024 the bank invested more than 1,639.6 million dollars in arms companies, including companies involved in the production or modernization of nuclear weapons. The campaign has warned that these investments occur in a global context marked by rearmament, increased geopolitical tensions and the risk of nuclear proliferation .