European Union leaders are convening in the Belgian capital for year-end talks facing a key decision on using immobilized Russian funds to boost the Ukrainian defense in the war against Russia.
“There is a clear option: either funds today, or bloodshed in the future,” stated Poland’s Prime Minister Donald Tusk. “I’m not talking about Ukraine only, this concerns the entire continent.”
The 27-nation union is working urgently to strengthen Kyiv’s hand while ex-American leader Donald Trump advocates for a rapid settlement to halt the conflict as the war continues towards the four-year mark.
The Financial Crisis and the Controversial Solution
European officials calculate Ukraine requires an extra €135bn ($159bn) to remain solvent during the 2026 and 2027, with the cash crunch set to start in April. To fill this hole, the EU's executive arm has put forward a scheme to access some €210bn of Moscow's state assets seized within the European Union.
German leader Friedrich Merz said the proposal was essential to increase pressure on Vladimir Putin and send “a strong signal to the Kremlin.”
A Divided Bloc: Opposition and Legal Doubts
However, a notable group of dissenters, spearheaded by Belgium—the home of the clearing house 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 registered doubts.
From a procedural standpoint, this group is not sufficient to block the plan if a vote gets called under qualified majority rules. But politically, it creates the situation very awkward for all parties concerned.
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 flatly denies providing any further help for Ukraine.
Officials' Statements Before the Negotiations
EU officials have insisted that the Brussels talks will continue for however long it is necessary to achieve an agreement, cautioning that Ukraine’s survival and Europe’s credibility are on the line.
- Ursula von der Leyen, the head of the EU executive, declared she would not depart from the summit before an agreement is reached.
- In a stark contrast, Slovak leader Robert Fico allegedly joked that they can keep him there until the new year, and he would not support it.
- Ukraine's President Volodymyr Zelenskyy is set to participate in the summit in a last-ditch effort to persuade the critics.
Strong Opposition from Budapest
Hungary’s leader Viktor Orbán was uncompromising, labeling the proposition of using frozen assets “foolish” and equivalent to “entering the war.” He expressed support for the Belgian cautious stance.
Calls for Unity and a Resolution
Several other leaders stressed the critical need for a resolution.
- António Costa, President of the European Council, vowed: “We will work on the issue today, and if needed tomorrow, but we will never leave the summit before reaching a conclusive agreement.”
- Kaja Kallas, the EU’s top diplomat, noted that work to address Belgium’s worries and share the liability equally were ongoing. She estimated the odds of a successful outcome at “fifty-fifty.”
- Micheál Martin, Ireland’s leader, stated his country was “very much in favour” of using the immobilised funds.
The scene is prepared for a potentially protracted and strained negotiation in Brussels, with the fate of significant monetary support for Ukraine resting in the balance.
