According to the International Institute for Strategic Studies, the second-best defence and national security think tank globally, Russia's military spending is actually larger. Europe's total military spending in 2024 was ~457 billion, whereas Russia's was ~462 billion. Additionally, an interesting characteristic worth noting about the source in the original claim is that it is written in Italian, and Italy is a European country. This could potentially cause bias of some kind, but that is up for interpretation.