Power said after a meeting of NATO defense ministers in Oslo: "The prices of materiel and ammunition are rising sharply. At the moment we are paying more for exactly the same amount."

"That means we can't guarantee that increased defense spending will actually lead to more security."

• Power called on the private sector to invest more in the defense sector to increase production capacity.
• Urge pension funds and banks to stop calling defense investments unethical.

"Long-term stability precedes, in priority, short-term profits. As we have seen in Ukraine, the war is a whole societal event," he said, adding that such investment was also in the strategic interest of the private sector.

"40 percent of Ukraine's economy evaporated in the early days of the war, and most of that was private money, and that money has disappeared," he said, according to Reuters.

However, he noted that there was no correlation between the lack of ammunition and hard-won progress in the counteroffensive in Ukraine.

"The reason it takes time is that it's very dangerous because there is a huge amount of mines in a very deep minefield, more than 10 kilometers, which is 5 or 6 mines per square meter," he said.

He noted that Ukraine is still advancing between 200 and 300 meters per day.

Stoltenberg: Prepare for a protracted war in Ukraine

Earlier on Saturday, NATO Secretary-General Jens Stoltenberg ruled out a quick end to the Ukraine crisis.

In an interview with German media, Stoltenberg warned:

• of the need to prepare for a protracted war in Ukraine.
• He said everyone wished for a quick peace.
• It must be realized that if President Volodymyr Zelensky and the Ukrainians stop fighting, Ukraine will cease to exist.
• Russia laying down arms means getting peace.