European Union leaders have gathered in the Belgian capital for end-of-year talks with a key choice on using immobilized Russian assets to boost Ukraine’s defense against Moscow.
“We have a simple option: either funds today, or bloodshed in the future,” warned the Polish Prime Minister Donald Tusk. “This isn't just about Ukraine only, I’m talking about the entire continent.”
The 27-nation union is working urgently to strengthen Kyiv’s hand while ex-American leader Donald Trump advocates for a quick settlement to end the conflict as the war continues towards the four-year anniversary.
A Looming Fiscal Crisis and the Controversial Plan
The EU estimates Ukraine needs an additional €135bn ($159bn) to remain solvent over the next two years, with the funding shortfall set to start in April. To fill this gap, the European Commission has put forward a scheme to access some €210bn of Moscow's state reserves frozen in the bloc.
German leader Friedrich Merz argued the assets plan was essential to ramp up pressure on Vladimir Putin and send “a clear message to the Kremlin.”
A Divided Union: Opposition and Juridical Concerns
However, a notable group of dissenters, spearheaded by Belgium—where the headquarters of Euroclear, which holds the majority of the Russian assets—has been voicing questions about possible juridical challenges. Countries including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered reservations.
From a procedural standpoint, this coalition may not be sufficient to veto the plan should a vote be held under qualified majority voting procedures. But politically, it creates the situation extremely difficult for all parties involved.
But there is no sign of compromise, as the alternative option—relying on European Union debt—would require unanimous approval, and would likely be obstructed by Hungary, which flatly denies any further assistance for Kyiv.
Leaders’ Comments Before the Negotiations
European officials have stated emphatically that the summit talks will continue as long as it is necessary to achieve an consensus, warning that Ukraine’s survival and the EU's standing are at stake.
- Ursula von der Leyen, the head of the EU executive, declared she won’t leave the summit until an deal is concluded.
- In contrast, Slovak Prime Minister Robert Fico reportedly remarked that they can keep him there until the New Year, and he would not back it.
- Ukrainian leader Volodymyr Zelenskyy is scheduled to participate in the summit in a last-ditch attempt to persuade the skeptical nations.
Strong Opposition from Budapest
Hungary’s Prime Minister Viktor Orbán proved to be blunt, labeling the proposition of using seized assets “stupid” and equivalent to “entering the conflict.” He voiced agreement for Belgium’s wary stance.
Calls for Consensus and a Solution
Several other EU heads of state stressed the critical need for a resolution.
- António Costa, President of the European Council, pledged: “Negotiations will continue on the issue today, and if needed tomorrow, but we will not depart from the summit before reaching a conclusive agreement.”
- Kaja Kallas, the EU’s foreign policy chief, commented that work to address Belgium’s worries and distribute the risk equally were ongoing. She estimated the chances of a deal at “50/50.”
- Micheál Martin, the Irish leader, said his country was “very much in support” of using the immobilised funds.
The stage is set for a potentially long and tense negotiation in Brussels, with the fate of significant financial aid for Ukraine hanging in the balance.
