European Union leaders have gathered in the Belgian capital to hold year-end talks with a pivotal choice regarding the use of frozen Russian Federation assets to boost Ukraine’s defense in the war against Russia.
“There is a simple choice: it's money today, or else blood in the future,” warned Poland’s leader Donald Tusk. “I’m not talking about Kyiv alone, I’m talking about Europe.”
The 27-nation bloc is working urgently to fortify Ukraine's position while former U.S. President Donald Trump advocates for a rapid deal to halt the conflict as the war continues towards the four-year mark.
The Financial Crisis and the Proposed Plan
European officials calculate the nation requires an additional €135bn ($159bn) to remain solvent over the next two years, with the cash crunch set to start in the spring. To fill this hole, the European Commission has proposed a plan to access approximately €210bn of Moscow's state reserves seized within the bloc.
German Chancellor Friedrich Merz said the proposal was critical to increase pressure on Vladimir Putin and send “a clear signal to Russia.”
A Split Bloc: Opposition and Legal Doubts
However, a significant opposition bloc, spearheaded by Belgium—where the headquarters of Euroclear, which custodies most the frozen funds—is voicing questions about potential legal issues. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also expressed reservations.
From a procedural standpoint, this coalition may not be enough to veto the plan if a vote gets called under qualified majority voting rules. But politically, it makes the process extremely difficult for all parties involved.
But there is little indication of compromise, as the alternative option—relying on European Union debt—would need unanimity, and would almost certainly be obstructed by Hungary, which flatly denies providing any additional assistance for Kyiv.
Leaders’ Comments Before the Talks
EU officials have insisted that the summit discussions will continue for however long it takes to achieve an agreement, cautioning that the future of Ukraine and Europe’s credibility are on the line.
- Ursula von der Leyen, the European Commission president, declared she would not depart from the meeting until an deal is concluded.
- In a stark contrast, Slovakia's leader Robert Fico reportedly remarked that he could be kept until the New Year, and he would not back it.
- Ukrainian President Volodymyr Zelenskyy is scheduled to participate in the meeting in a final effort to convince the skeptical nations.
Firm Resistance from Budapest
Hungary’s Prime Minister Viktor Orbán was blunt, calling the idea of utilizing seized assets “foolish” and equivalent to “marching into the conflict.” He expressed support for Belgium’s cautious stance.
Calls for Consensus and a Resolution
Several other leaders stressed the critical need for a resolution.
- António Costa, President of the European Council, pledged: “Negotiations will continue on the issue today, if it’s necessary tomorrow, but we will not depart from the summit without a conclusive agreement.”
- Kaja Kallas, the EU’s top diplomat, commented that efforts to address Belgium’s concerns and share the risk fairly were ongoing. She put the chances of a deal at “fifty-fifty.”
- Micheál Martin, the Irish leader, stated his nation was “strongly in support” of the use of the frozen funds.
The scene is prepared for a possibly long and tense bargaining session in the EU capital, with the fate of substantial financial support for Ukraine hanging in the balance.
