European Union heads of state have gathered in the Belgian capital for year-end discussions facing a pivotal decision regarding using immobilized Russian assets to strengthen Ukraine’s defense in the war against Moscow.
“We have a simple option: either funds now, or bloodshed tomorrow,” warned Poland’s Prime Minister Donald Tusk. “This isn't just about Ukraine only, this concerns Europe.”
The 27-nation union is working urgently to fortify Ukraine's position while former U.S. President Donald Trump advocates for a quick settlement to end the conflict as the war continues towards the four-year anniversary.
The Financial Crunch and the Proposed Plan
The EU estimates the nation requires an extra €135bn ($159bn) to stay afloat over the 2026 and 2027, with the cash crunch set to start in the spring. To fill this hole, the European Commission has proposed a scheme to tap approximately €210bn of Moscow's state assets seized in the European Union.
Germany's leader Friedrich Merz argued the assets plan was critical to ramp up the pressure on Vladimir Putin and send “a strong signal to Russia.”
A Divided Union: Opposition and Juridical Concerns
However, a significant opposition bloc, led by Belgium—where the headquarters of the clearing house Euroclear, which custodies most the Russian assets—is raising questions about possible juridical challenges. Countries 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 proposal should a vote be held under qualified majority rules. Yet in practical political terms, it creates the process extremely difficult for everyone involved.
But there is no sign of a middle ground, as the alternative pathway—relying on EU joint borrowing—would require unanimity, and would likely be obstructed by Hungary, which flatly denies providing any additional help for Kyiv.
Officials' Comments Before the Talks
EU officials have stated emphatically that the Brussels discussions will last for however long it takes to reach an consensus, warning that Ukraine’s survival and the EU's standing are at stake.
- Ursula von der Leyen, the European Commission president, said she would not depart from the meeting before an agreement is reached.
- In contrast, Slovakia's leader Robert Fico allegedly joked that he could be kept until the new year, and he still wouldn’t support it.
- Ukraine's President Volodymyr Zelenskyy is set to participate in the summit in a last-ditch attempt to persuade the skeptical nations.
Firm Resistance from Hungary
The Hungarian leader Viktor Orbán proved to be uncompromising, calling the idea of using frozen assets “foolish” and amounting to “marching into the war.” He voiced agreement for the Belgian wary stance.
Calls for Unity and a Solution
Several other EU heads of state stressed the critical need for a decision.
- António Costa, President of the European Council, vowed: “We will work on this today, and if needed tomorrow, but we will never leave the Council before reaching a conclusive agreement.”
- Kaja Kallas, the EU’s foreign policy chief, noted that work to address Belgian worries and share the liability equally were continuing. She estimated the chances of a successful outcome at “50/50.”
- Micheál Martin, Ireland’s leader, stated his country was “strongly in favour” of the use of the frozen assets.
The scene is prepared for a potentially protracted and tense bargaining session in the EU capital, with the future of significant monetary aid for a nation at war resting in the balance.
