The EU Commission will present its draft law to promote the chip industry in Europe at the beginning of February.

This was announced by Commission President Ursula von der Leyen on Thursday at the virtual annual meeting of the World Economic Forum.

"By 2030, a fifth of global microchip production should be in Europe," she said.

That would be a doubling.

Von der Leyen explained that the current dependence on producers outside of Europe could no longer be allowed.

The initiative called the "European Chips Act" wants to boost production through state aid and other tools.

Leading manufacturers such as the American group Intel and the Taiwanese group TSMC are currently examining whether and where they could set up a chip factory in Europe.

Germany is said to have good chances of winning the bid.

At the same time, the head of the commission, like Chancellor Olaf Scholz the day before, warned Russia not to miscalculate in the Ukraine conflict.

Von der Leyen emphasized that economic relations with the EU are "much more important" for Russia than vice versa.

"Should the situation deteriorate and should there be further attacks on Ukraine's territorial integrity, we will respond with massive economic and financial sanctions."

The EU is "by far Russia's most important trading partner" and also the "biggest investor" in the country, emphasized von der Leyen.

“And yes, this trade relationship is important to us.

But for Russia it is much more important.”

Because of massive Russian troop movements on the Ukrainian border, the West fears an imminent Russian invasion of Ukraine.

Moscow argues that the troop deployment is taking place on Russian territory and therefore threatens "no one".

The West has been threatening Moscow with massive consequences for weeks if there is an invasion of Ukraine.

So far, the EU has left open exactly what sanctions would threaten Moscow.

"We hope that there will be no attack," emphasized von der Leyen.

"But if that happens, we're prepared."

War has been raging in eastern Ukraine between pro-Russian separatists and the Ukrainian army since 2014.

The West accuses Moscow of providing military support to the separatists, but the Kremlin denies this.