European Union leaders are convening in the Belgian capital to hold end-of-year talks with a key choice regarding the use of frozen Russian Federation funds to strengthen Ukraine’s defence against Moscow.
“There is a clear option: either money today, or bloodshed in the future,” warned Poland’s leader Donald Tusk. “I’m not talking about Ukraine alone, I’m talking about Europe.”
The 27-member bloc is working urgently to strengthen Kyiv’s hand while ex-American leader Donald Trump pushes for a quick deal to halt the fighting as the war continues towards the four-year mark.
The Financial Crunch and the Proposed Solution
The EU estimates the nation requires an extra €135bn ($159bn) to stay afloat over the next two years, with the funding shortfall set to start in April. To fill this hole, the EU's executive arm has proposed a plan to tap some €210bn of Russian central bank reserves seized in the bloc.
Germany's leader Friedrich Merz said the proposal was essential to ramp up pressure on Vladimir Putin and send “a strong signal to the Kremlin.”
A Split Union: Opposition and Legal Doubts
However, a notable group of dissenters, spearheaded by Belgium—where the headquarters of the clearing house Euroclear, which holds most the Russian assets—is 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 veto the proposal should a vote be held under qualified majority voting procedures. Yet politically, it creates the situation extremely difficult for all parties concerned.
But there is no sign of compromise, as the alternative pathway—focusing on EU debt—would need unanimity, and would likely be blocked by Hungary, which categorically rejects providing any further assistance for Ukraine.
Officials' Comments Ahead of the Negotiations
European officials have stated emphatically that the summit discussions will last for however long it is necessary to achieve an consensus, cautioning that Ukraine’s survival and Europe’s credibility are on the line.
- Ursula von der Leyen, the European Commission president, said she would not depart from the meeting before an agreement is concluded.
- In a stark contrast, Slovakia's Prime Minister Robert Fico reportedly remarked that he could be kept until the new year, and he still wouldn’t back it.
- Ukraine's President Volodymyr Zelenskyy is scheduled to join the meeting in a final attempt to persuade the skeptical nations.
Strong Opposition from Budapest
The Hungarian Prime Minister Viktor Orbán proved to be uncompromising, calling the idea of utilizing frozen assets “stupid” and equivalent to “marching into the war.” He expressed support for Belgium’s wary stance.
Appeals for Unity and a Solution
Several other EU heads of state emphasized the critical need for a resolution.
- António Costa, President of the European Council, vowed: “Negotiations will continue on the issue today, and if needed tomorrow, but we will not depart from the Council without a final decision.”
- Kaja Kallas, the EU’s foreign policy chief, commented that work to allay Belgian worries and share the risk equally were ongoing. She put the odds of a successful outcome at “50/50.”
- Micheál Martin, the Irish leader, said his country was “very much in favour” of the use of the immobilised funds.
The scene is prepared for a potentially protracted and strained negotiation in the EU capital, with the future of substantial financial support for Ukraine hanging in the balance.
