EU heads of state are convening in the Belgian capital to hold year-end discussions with a pivotal choice on the use of immobilized Russian Federation assets to boost the Ukrainian defense against Moscow.
“We have a simple choice: either money today, or bloodshed in the future,” warned Poland’s leader Donald Tusk. “I’m not talking about Ukraine alone, this concerns the entire continent.”
The 27-member union is working urgently to strengthen Kyiv’s hand while ex-American leader Donald Trump advocates for a quick deal to end the fighting as the invasion drags towards the four-year mark.
The Financial Crisis and the Controversial Solution
European officials calculate the nation requires an additional €135bn ($159bn) to remain solvent during the next two years, with the cash crunch expected to begin in April. To plug this hole, the European Commission has proposed a plan to tap some €210bn of Russian central bank assets frozen within the bloc.
Germany's leader Friedrich Merz argued the proposal was essential to ramp up pressure on Vladimir Putin and send “a strong signal to Russia.”
A Split Bloc: Opposition and Legal Doubts
However, a notable opposition bloc, led by Belgium—the home of the clearing house Euroclear, which holds most the Russian assets—is raising questions about possible legal issues. Countries including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered reservations.
Technically, this group may not be sufficient to block the proposal should a vote be held under qualified majority voting rules. But in practical political terms, it makes the situation very awkward for everyone involved.
But there is little indication of compromise, as the alternative option—relying on European Union debt—would require unanimous approval, and would almost certainly be obstructed by Hungary, which categorically rejects any further assistance for Ukraine.
Officials' Statements Before the Talks
European leaders have stated emphatically that the summit talks will continue as long as it takes to reach an consensus, warning that the future of Ukraine and Europe’s credibility are at stake.
- Ursula von der Leyen, the European Commission president, said she won’t leave the meeting before an agreement is reached.
- In a stark contrast, Slovak Prime Minister Robert Fico allegedly remarked that he could be kept until the new year, and he would not back it.
- Ukraine's President Volodymyr Zelenskyy is set to participate in the summit in a last-ditch attempt to convince the critics.
Firm Resistance from Hungary
Hungary’s leader Viktor Orbán was blunt, labeling the proposition of utilizing seized assets “foolish” and equivalent to “marching into the conflict.” He expressed agreement for the Belgian cautious stance.
Appeals for Consensus and a Solution
Several other EU heads of state stressed the urgency for a decision.
- António Costa, European Council president, pledged: “Negotiations will continue on this today, and if needed tomorrow, but we will never leave the summit without a conclusive agreement.”
- Kaja Kallas, the EU’s top diplomat, commented that efforts to address Belgian concerns and distribute the liability equally were continuing. She put the odds of a successful outcome at “50/50.”
- Micheál Martin, the Irish Taoiseach, said his country was “very much in favour” of using the frozen funds.
The scene is prepared for a possibly long and strained negotiation in the EU capital, with the future of substantial monetary support for a nation at war hanging in the balance.
