European Union leaders have gathered in the Belgian capital for end-of-year discussions with a key choice on using frozen Russian Federation assets to strengthen the Ukrainian defense in the war against Moscow.
“There is a simple choice: either money now, or else blood in the future,” warned Poland’s leader Donald Tusk. “I’m not talking about Kyiv alone, this concerns the entire continent.”
The 27-nation bloc is working urgently to fortify Ukraine's position while former U.S. President Donald Trump pushes for a rapid settlement to halt the fighting as the war drags towards the four-year anniversary.
The Financial Crisis and the Proposed Solution
European officials calculate Ukraine requires an additional €135bn ($159bn) to stay afloat during the 2026 and 2027, with the cash crunch expected to begin in April. To fill this gap, the European Commission has proposed a plan to access approximately €210bn of Russian central bank assets seized in the bloc.
German Chancellor Friedrich Merz argued the assets plan was essential to increase the pressure on Vladimir Putin and send “a clear signal to Russia.”
A Divided Bloc: Resistance and Legal Doubts
However, a notable group of dissenters, led by Belgium—where the headquarters of Euroclear, which holds the majority of the Russian assets—has been raising concerns about potential legal issues. Countries including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also expressed doubts.
Technically, this coalition may not be enough to veto the plan if a vote gets called under qualified majority procedures. But politically, it creates the process extremely difficult for all parties involved.
But there is little indication of compromise, as the alternative option—relying on European Union joint borrowing—would require unanimous approval, and would almost certainly be obstructed by Hungary, which categorically rejects providing any additional help for Ukraine.
Officials' Comments Before the Talks
EU officials have insisted that the summit talks will last as long as it takes to achieve an consensus, cautioning that the future of Ukraine and the EU's standing are on the line.
- Ursula von der Leyen, the European Commission president, said she would not depart from the meeting before an agreement is reached.
- In a stark contrast, Slovakia's Prime Minister Robert Fico reportedly joked that he could be kept until the new year, and he would not back it.
- Ukrainian President Volodymyr Zelenskyy is set to participate in the meeting in a last-ditch effort to persuade the skeptical nations.
Strong Opposition from Budapest
The Hungarian Prime Minister Viktor Orbán proved to be blunt, calling the proposition of utilizing frozen assets “stupid” and equivalent to “entering the war.” He voiced agreement for the Belgian cautious position.
Appeals for Unity and a Resolution
Several other leaders stressed the urgency for a resolution.
- António Costa, European Council president, vowed: “Negotiations will continue on this today, if it’s necessary tomorrow, but we will not depart from the Council before reaching a conclusive agreement.”
- Kaja Kallas, the EU’s top diplomat, commented that efforts to address Belgian worries and distribute the liability equally were ongoing. She put the chances of a successful outcome at “50/50.”
- Micheál Martin, Ireland’s leader, stated his nation was “very much in favour” of using the immobilised funds.
The scene is prepared for a possibly protracted and tense negotiation in the EU capital, with the future of substantial monetary aid for Ukraine hanging in the balance.
