Russian defense budget is barely enough to look after their soviet era equipment. The bulk of Russian military equipment are soviet and they haven't inducted any post soviet weapons systems in bulk due to their bad economic situation. Even all hyped t-14 tank or t-57 stealth aircraft, they cut down the induction to a dozen maximum due to lack of funds. Hell, forget about t-14, they only indicted few hundred t-90s and bulk of tank fleet is from soviet era.
EU GDP estimate of 2018 is 19.69 trillion including UK. Without UK, it is 17 trillion.
Report for Selected Country Groups and Subjects
EU can easily spend a moderate 1.5% on defense (compared to UK which spend 2.2-2.3%) which is $255 billion to build a very strong combined military force by combining their national militaries.