EU leaders have gathered in the Belgian capital to hold year-end talks with a key choice on the use of immobilized Russian Federation assets to boost Ukraine’s defence in the war against Russia.
“We have a clear option: either funds today, or blood tomorrow,” warned the Polish leader Donald Tusk. “I’m not talking about Ukraine only, this concerns Europe.”
The 27-member union is scrambling to fortify Ukraine's position while former U.S. President Donald Trump advocates for a rapid settlement to end the fighting as the invasion drags towards the four-year mark.
The Financial Crunch and the Controversial Solution
European officials calculate Ukraine requires an extra €135bn ($159bn) to stay afloat over the next two years, with the cash crunch set to start in the spring. To fill this hole, the European Commission has proposed a scheme to tap some €210bn of Moscow's state assets frozen within the bloc.
German leader Friedrich Merz said the assets plan was critical to ramp up pressure on Vladimir Putin and send “a strong message to Russia.”
A Divided Bloc: Opposition and Legal Concerns
However, a notable opposition bloc, spearheaded by Belgium—where the headquarters of Euroclear, which custodies the majority of the frozen funds—is raising questions about potential legal issues. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also expressed reservations.
Technically, this group is not enough to veto the plan should a vote be held under qualified majority voting procedures. But politically, it makes the process very awkward for everyone concerned.
There remains no sign of a middle ground, as the alternative option—focusing on EU debt—would need unanimous approval, and would almost certainly be blocked by Hungary, which flatly denies providing any additional help for Ukraine.
Officials' Statements Ahead of the Negotiations
EU leaders have insisted that the summit discussions will last for however long it takes to achieve an consensus, cautioning that the future of Ukraine and Europe’s credibility are at stake.
- Ursula von der Leyen, the head of the EU executive, declared she won’t leave the meeting until an deal is reached.
- In a stark contrast, Slovak leader Robert Fico reportedly remarked that they can keep him there until the new year, and he would not support it.
- Ukraine's leader Volodymyr Zelenskyy is set to join the summit in a last-ditch effort to persuade the critics.
Firm Resistance from Hungary
The Hungarian Prime Minister Viktor Orbán was blunt, labeling the idea of using frozen assets “foolish” and amounting to “marching into the war.” He voiced agreement for Belgium’s wary stance.
Calls for Consensus and a Solution
Several other EU heads of state emphasized the urgency for a decision.
- António Costa, President of the European Council, vowed: “We will work on the issue today, and if needed tomorrow, but we will not depart from the summit without a conclusive agreement.”
- Kaja Kallas, the EU’s top diplomat, noted that efforts to allay Belgium’s concerns and share the liability equally were ongoing. She estimated the odds of a deal at “fifty-fifty.”
- Micheál Martin, the Irish Taoiseach, stated his nation was “strongly in favour” of the use of the immobilised assets.
The scene is prepared for a potentially long and tense bargaining session in Brussels, with the fate of significant monetary support for a nation at war hanging in the balance.
