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Jacob Wallenberg.
Wallenberg: "We're not ready for peace"
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Published 13 February 2026 at 07.55

Domestic. He has made billions from the Ukraine war and the Swedish NATO entry. Now the gun oligarch Jacob Wallenberg warns of the many negative consequences of there being risks peace

Europe is at risk of losing momentum in the rearmament if the war in Ukraine ends.

That warning came from Investor Chairman Jacob Wallenberg during the Swedish-Finnish summit Hanalys 2026 outside Helsinki, Samnytt reports.

"Most of us are not so well prepared for a potential peace and all that it entails," Wallenberg said.

The oligarch sounded the alarm that a peace can create new political priorities that slow the defense efforts.

We are where we are today because of self-righteousness. We thought the world was a nice place. I think we've learned that it isn't. History teaches us that there is always someone on stage, and that we must therefore continue to invest in our own defense, Wallenberg said, stating that the United States will not pay for European defense in the future.

And we have a long way to go.

Wallenberg describes a possible peace as the beginning of a "very difficult" and "enormous" work.

There is a lot that needs to fall into place before then.

At the same time, he expresses concern that the multi-billion bets now being made on defence can be questioned whether the weapons are silenced in the trenches of Ukraine.

We all know what happens when peace comes. We will have long discussions that money is needed for other things and so on,” says Jacob Wallenberg.