European Union leaders are convening in the Belgian capital for end-of-year discussions facing a pivotal choice regarding the use of frozen Russian Federation assets to boost Ukraine’s defence against Russia.
“We have a simple option: either money today, or blood tomorrow,” stated the Polish leader Donald Tusk. “This isn't just about Ukraine only, this concerns Europe.”
The 27-nation bloc is working urgently to strengthen Kyiv’s hand while former U.S. President Donald Trump pushes for a quick settlement to end the fighting as the invasion drags towards the fourth anniversary.
A Looming Fiscal Crisis and the Controversial Solution
The EU estimates Ukraine needs an extra €135bn ($159bn) to stay afloat during the next two years, with the cash crunch set to start in the spring. To plug this hole, the European Commission has put forward a plan to tap approximately €210bn of Moscow's state assets seized within the European Union.
Germany's Chancellor Friedrich Merz said the assets plan was essential to ramp up pressure on Vladimir Putin and send “a clear signal to Russia.”
A Split Bloc: Opposition and Juridical 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—is raising concerns about potential juridical challenges. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered doubts.
From a procedural standpoint, this coalition is not enough to veto the plan if a vote gets called under qualified majority voting procedures. Yet in practical political terms, it creates the process extremely difficult for everyone concerned.
But there is little indication of compromise, as the alternative pathway—relying on EU joint borrowing—would need unanimity, and would likely be blocked by Hungary, which categorically rejects any additional help for Ukraine.
Officials' Statements Before the Negotiations
EU leaders have stated emphatically that the summit discussions will continue as long as it takes to achieve an agreement, warning that Ukraine’s survival and the EU's standing are at stake.
- Ursula von der Leyen, the European Commission president, declared she would not depart from the summit until an deal is reached.
- In contrast, Slovakia's leader Robert Fico reportedly joked that they can keep him there until the New Year, and he still wouldn’t support it.
- Ukraine's leader Volodymyr Zelenskyy is scheduled to participate in the meeting in a final attempt to convince the skeptical nations.
Strong Opposition from Hungary
The Hungarian leader Viktor Orbán was blunt, labeling the proposition of using frozen assets “stupid” and equivalent to “marching into the conflict.” He voiced agreement for Belgium’s wary stance.
Appeals for Unity and a Solution
Several other EU heads of state stressed the urgency for a decision.
- António Costa, European Council president, vowed: “Negotiations will continue on the issue today, if it’s necessary tomorrow, but we will not depart from the Council before reaching a final decision.”
- Kaja Kallas, the EU’s top diplomat, noted that work to allay Belgian worries and distribute the liability equally were ongoing. She estimated the chances of a deal at “fifty-fifty.”
- Micheál Martin, the Irish leader, stated his nation was “very much in favour” of the use of the frozen assets.
The stage is set for a possibly protracted and strained negotiation in the EU capital, with the fate of significant financial aid for a nation at war resting in the balance.
