The EU has a much larger GDP and a significantly higher defense budget than Russia (about 457 billion USD vs. 146 billion USD in 2024)

The EU is far more financialized, in terms of gross industrial output the EU is behind the Russian Federation. This is a holdover from their soviet legacy. In terms of real production, Russia succeeds, despite lower GDP, because money stretches much farther in Russia. 1 million USD worth of Russian goods gets you a lot more than 1 million USD in European goods, to make things simple.

Europe could make up the gap, but it is so dominated by finance capital and energy dependency that this makes it incredibly difficult without adopting socialism.

Overall, the EU is economically and industrially stronger than Russia

This is false. The EU is financially stronger than Russia, largely thanks to modern neoimperialism in Africa, but industrially is far behind.

Since there is a noticable shift of power in the world the EU started to focus more on China and India as trading partners and leave the US who traditionally were European allies.

Correct, the EU is being demoted from imperial vassal to periphery, and since it would take devastating losses in open conflict with a major power without US backing it has to seek other allies.