European Union heads of state are convening in Brussels for year-end discussions facing a key decision on using immobilized Russian assets to strengthen the Ukrainian defence in the war against Moscow.
“We have a simple choice: either funds now, or bloodshed in the future,” warned the Polish leader Donald Tusk. “I’m not talking about Ukraine only, this concerns Europe.”
The 27-nation bloc is scrambling to strengthen Kyiv’s hand while former U.S. President Donald Trump advocates for a quick settlement to end the fighting as the war drags towards the four-year mark.
A Looming Fiscal Crunch and the Controversial Plan
The EU estimates Ukraine needs an additional €135bn ($159bn) to stay afloat over the next two years, with the cash crunch expected to begin in the spring. To fill this gap, the EU's executive arm has proposed a plan to access some €210bn of Russian central bank assets frozen within the European Union.
Germany's Chancellor Friedrich Merz said the proposal was essential to ramp up pressure on Vladimir Putin and send “a strong message to Russia.”
A Divided Union: Resistance and Juridical Concerns
However, a notable group of dissenters, spearheaded by Belgium—the home of the clearing house Euroclear, which holds the majority of the frozen funds—is raising questions about possible juridical challenges. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also expressed doubts.
Technically, this coalition is not sufficient to veto the plan if a vote gets called under qualified majority rules. Yet politically, it makes the process very awkward for everyone involved.
There remains little indication of a middle ground, as the only other pathway—focusing on European Union joint borrowing—would need unanimous approval, and would almost certainly be obstructed by Hungary, which categorically rejects any further help for Ukraine.
Officials' Statements Before the Negotiations
European leaders have insisted that the Brussels discussions will last as long as it takes to reach an consensus, warning that the future of Ukraine and the EU's standing are on the line.
- Ursula von der Leyen, the head of the EU executive, said she won’t leave the summit until an deal is concluded.
- In contrast, Slovak leader Robert Fico allegedly remarked that they can keep him there until the New Year, and he would not support it.
- Ukraine's President Volodymyr Zelenskyy is set to join the summit in a final effort to persuade the skeptical nations.
Firm Resistance from Hungary
Hungary’s leader Viktor Orbán proved to be blunt, calling the idea of utilizing seized Russian funds “stupid” and amounting to “entering the conflict.” He expressed support for Belgium’s cautious stance.
Calls for Consensus and a Resolution
Other EU heads of state emphasized the urgency for a decision.
- António Costa, President of the European Council, pledged: “Negotiations will continue on the issue today, if it’s necessary tomorrow, but we will never leave the Council without a conclusive agreement.”
- Kaja Kallas, the EU’s foreign policy chief, commented that efforts to address Belgian concerns and share the risk fairly were ongoing. She put the odds of a successful outcome at “50/50.”
- Micheál Martin, the Irish leader, stated his nation was “strongly in support” of using the immobilised assets.
The scene is prepared for a potentially long and tense negotiation in the EU capital, with the fate of significant monetary support for Ukraine resting in the balance.