European Union leaders are convening in the Belgian capital for end-of-year talks with a pivotal choice on the use of immobilized Russian assets to strengthen Ukraine’s defence in the war against Moscow.
“We have a clear option: it's money today, or blood tomorrow,” warned the Polish Prime Minister Donald Tusk. “I’m not talking about Kyiv alone, this concerns Europe.”
The 27-member union is scrambling to fortify Ukraine's position while former U.S. President Donald Trump pushes for a quick deal to halt the fighting as the war drags towards the four-year anniversary.
A Looming Fiscal Crisis and the Controversial Plan
European officials calculate the nation needs an extra €135bn ($159bn) to stay afloat over the 2026 and 2027, with the cash crunch expected to begin in April. To fill this gap, the European Commission has proposed a plan to tap approximately €210bn of Russian central bank reserves frozen in the bloc.
German leader Friedrich Merz argued the proposal was essential to ramp up pressure on Vladimir Putin and send “a clear message to Russia.”
A Split Bloc: Resistance and Legal Concerns
However, a notable group of dissenters, spearheaded by Belgium—where the headquarters of the clearing house Euroclear, which holds the majority of the Russian assets—has been raising concerns about potential juridical challenges. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered doubts.
Technically, this group is not sufficient to veto the plan should a vote be held under qualified majority voting rules. Yet in practical political terms, it makes the process extremely difficult for everyone involved.
But there is no sign of compromise, as the alternative pathway—focusing on EU joint borrowing—would need unanimous approval, and would almost certainly be blocked by Hungary, which flatly denies providing any further assistance for Ukraine.
Officials' Statements Ahead of the Negotiations
European leaders have insisted that the summit discussions will last for however long 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 European Commission president, declared she would not depart from the summit before an deal is reached.
- In a stark contrast, Slovak Prime Minister Robert Fico allegedly joked that he could be kept until the New Year, and he would not back it.
- Ukraine's leader Volodymyr Zelenskyy is set to participate in the summit in a final attempt to convince the critics.
Strong Opposition from Budapest
Hungary’s Prime Minister Viktor Orbán was uncompromising, calling the proposition of utilizing frozen assets “foolish” and amounting to “entering the war.” He expressed agreement for the Belgian wary stance.
Appeals for Unity and a Solution
Several other leaders stressed the critical need for a decision.
- António Costa, President of the European Council, pledged: “We will work on this today, if it’s necessary tomorrow, but we will not depart from the Council without a final decision.”
- Kaja Kallas, the EU’s top diplomat, noted that work to allay Belgian worries and share the liability fairly were continuing. She estimated the chances of a successful outcome at “50/50.”
- Micheál Martin, Ireland’s Taoiseach, stated his country was “strongly in favour” of using the immobilised assets.
The scene is prepared for a possibly long and tense bargaining session in Brussels, with the future of substantial financial aid for a nation at war hanging in the balance.
