How should we understand the role of the EU in the world – and its relational power vis‐à‐vis other international actors? And to what degree is the Russia–Ukraine crisis a critical juncture in EU power dynamics over time? This contribution to this Special Issue evaluates EU power through the lens of material power and capabilities, and analyzes patterns and changes in material capabilities as indicators of threat and strategic assessments. The findings demonstrate the Russia–Ukraine crisis as one critical juncture in the weight and means of EU military power/capabilities, representing a partial but significant shift away from the overall national tendencies of reducing military spending across Europe, and the decade‐long trends of strategic goals towards mobilizing EU military power outside of Europe. It also marks a deepening of strategic divergences across the EU regarding national clusters of capability development.