European Union heads of state are convening in the Belgian capital for end-of-year discussions facing a pivotal choice on using immobilized Russian Federation assets to boost Ukraine’s defense in the war against Russia.
“We have a clear option: either money today, or bloodshed in the future,” warned Poland’s leader Donald Tusk. “This isn't just about Ukraine only, this concerns Europe.”
The 27-nation union 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 invasion continues towards the four-year anniversary.
A Looming Fiscal Crisis and the Proposed Solution
European officials calculate the nation requires an additional €135bn ($159bn) to stay afloat during the next two years, with the cash crunch set to start in April. To plug this hole, the EU's executive arm has proposed a scheme to tap approximately €210bn of Russian central bank reserves seized in the European Union.
German Chancellor Friedrich Merz said the proposal was critical to ramp up pressure on Vladimir Putin and send “a strong message to Russia.”
A Split Union: Resistance and Juridical Concerns
However, a significant opposition bloc, spearheaded by Belgium—where the headquarters of the clearing house Euroclear, which holds most the Russian assets—has been voicing concerns about possible legal issues. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also expressed doubts.
From a procedural standpoint, this group may not be enough to block the plan if a vote gets called under qualified majority procedures. Yet politically, it makes the process extremely difficult for all parties involved.
But there is little indication of compromise, as the only other pathway—focusing on European Union joint borrowing—would require unanimity, and would likely be obstructed by Hungary, which flatly denies providing any additional assistance for Kyiv.
Leaders’ Statements Before the Talks
EU leaders have stated emphatically that the Brussels discussions will last as long as it takes to achieve an consensus, cautioning that the future of Ukraine and the EU's standing are at stake.
- Ursula von der Leyen, the head of the EU executive, said she would not depart from the summit until an agreement is concluded.
- In a stark contrast, Slovakia's leader Robert Fico allegedly remarked that they can keep him there until the New Year, and he would not support it.
- Ukrainian leader Volodymyr Zelenskyy is scheduled to participate in the meeting in a final attempt to convince the critics.
Strong Opposition from Hungary
Hungary’s leader Viktor Orbán proved to be blunt, calling the proposition of utilizing seized assets “foolish” and equivalent to “marching into the war.” He expressed agreement for Belgium’s wary stance.
Calls for Unity and a Resolution
Several other EU heads of state emphasized the critical need for a resolution.
- António Costa, President of the European Council, pledged: “We will work on this today, and if needed tomorrow, but we will never leave the summit before reaching a final decision.”
- Kaja Kallas, the EU’s foreign policy chief, noted that efforts to allay Belgium’s concerns and share the liability equally were continuing. She estimated the odds of a successful outcome at “fifty-fifty.”
- Micheál Martin, the Irish leader, said his country was “strongly in favour” of using the immobilised funds.
The scene is prepared for a potentially long and tense bargaining session in the EU capital, with the future of substantial financial support for Ukraine hanging in the balance.
