The Danish government has announced plans to bolster its military by setting up a 50 billion-kroner ($7 billion) fund that it says will raise the country’s defense spending to more than 3% of gross do

Denmark will boost its defense spending to more than 3% of economic output as the nation seeks to counter an escalation in security threats from Russia.

The government said it will raise the country’s defence spending to more than 3% of gross domestic product (GDP) this year and next.