EU leaders are convening in the Belgian capital for end-of-year discussions facing a pivotal choice on the use of immobilized Russian Federation assets to boost Ukraine’s defense against Moscow.
“We have a clear option: it's funds today, or else blood in the future,” warned the Polish Prime Minister Donald Tusk. “I’m not talking about Ukraine alone, I’m talking about the entire continent.”
The 27-member union is scrambling to strengthen Kyiv’s hand 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 Crisis and the Controversial Plan
European officials calculate the nation needs an additional €135bn ($159bn) to remain solvent during the 2026 and 2027, with the cash crunch set to start in April. To plug this gap, the European Commission has proposed a plan to access approximately €210bn of Russian central bank reserves seized in the bloc.
Germany's Chancellor Friedrich Merz said the assets plan was critical to increase the pressure on Vladimir Putin and send “a strong message to the Kremlin.”
A Divided Bloc: Opposition and Legal Doubts
However, a notable group of dissenters, led by Belgium—the home of the clearing house Euroclear, which custodies the majority of the Russian assets—is raising questions about possible juridical challenges. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also expressed doubts.
Technically, this coalition is not enough to veto the proposal should a vote be held under qualified majority procedures. But politically, it makes the process extremely difficult for all parties involved.
There remains little indication of a middle ground, as the only other option—relying on European Union joint borrowing—would need unanimity, and would likely be obstructed by Hungary, which categorically rejects providing any additional help for Ukraine.
Officials' Comments Before the Negotiations
EU leaders have stated emphatically that the summit talks will last as long as it is necessary to reach an agreement, cautioning that Ukraine’s survival and the EU's standing are on the line.
- Ursula von der Leyen, the head of the EU executive, said she won’t leave the meeting before an agreement is concluded.
- In contrast, Slovakia's Prime Minister Robert Fico reportedly joked that he could be kept until the New Year, and he would not back it.
- Ukraine's leader Volodymyr Zelenskyy is scheduled to join the meeting in a last-ditch effort to persuade the skeptical nations.
Firm Resistance from Budapest
The Hungarian Prime Minister Viktor Orbán proved to be uncompromising, calling the idea of using seized assets “stupid” and amounting to “entering the conflict.” He expressed agreement for the Belgian wary stance.
Appeals for Unity and a Resolution
Other leaders emphasized the urgency for a resolution.
- António Costa, European Council president, pledged: “Negotiations will continue on this today, and if needed tomorrow, but we will not depart from the summit without a conclusive agreement.”
- Kaja Kallas, the EU’s foreign policy chief, noted that efforts to address Belgium’s concerns and distribute the risk fairly were ongoing. She estimated the odds of a deal at “fifty-fifty.”
- Micheál Martin, the Irish leader, stated his nation was “strongly in favour” of the use of the immobilised assets.
The stage is set for a potentially long and strained negotiation in Brussels, with the fate of significant financial aid for Ukraine resting in the balance.
