EU leaders are convening in the Belgian capital for year-end discussions with a key decision on the use of immobilized Russian funds to strengthen the Ukrainian defence against Moscow.
“There is a clear choice: either money today, or else bloodshed tomorrow,” warned Poland’s leader Donald Tusk. “This isn't just about Ukraine only, I’m talking about Europe.”
The 27-member union is scrambling to strengthen Kyiv’s hand while former U.S. President Donald Trump pushes for a quick settlement to end the conflict as the invasion drags towards the fourth anniversary.
A Looming Fiscal Crunch and the Controversial Plan
European officials calculate Ukraine requires an additional €135bn ($159bn) to remain solvent over the next two years, with the cash crunch set to start in the spring. To plug this gap, the European Commission has proposed a scheme to tap approximately €210bn of Russian central bank reserves seized in the bloc.
Germany's leader Friedrich Merz said the proposal was critical to ramp up pressure on Vladimir Putin and send “a clear message to Russia.”
A Divided Bloc: Opposition and Juridical Doubts
However, a significant group of dissenters, led by Belgium—where the headquarters of Euroclear, which holds the majority of the Russian assets—has been raising questions about possible juridical challenges. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered reservations.
From a procedural standpoint, this coalition is not enough to block the plan if a vote gets called under qualified majority procedures. Yet politically, it creates the process extremely difficult for everyone involved.
But there is little indication of compromise, as the only other option—focusing on EU debt—would need unanimous approval, and would likely be blocked by Hungary, which categorically rejects providing any additional help for Kyiv.
Leaders’ Comments Before the Talks
European leaders have stated emphatically that the Brussels discussions will continue for however long it takes to achieve an consensus, warning that Ukraine’s survival and Europe’s credibility are at stake.
- Ursula von der Leyen, the head of the EU executive, said she won’t leave the meeting until an agreement is concluded.
- In contrast, Slovakia's Prime Minister Robert Fico allegedly joked that they can keep him there until the New Year, and he still wouldn’t back it.
- Ukraine's leader Volodymyr Zelenskyy is scheduled to join the summit in a last-ditch attempt to convince the skeptical nations.
Strong Opposition from Hungary
Hungary’s Prime Minister Viktor Orbán proved to be uncompromising, calling the proposition of using frozen assets “foolish” and equivalent to “entering the conflict.” He expressed support for Belgium’s cautious position.
Calls for Consensus and a Resolution
Several other leaders stressed the urgency for a decision.
- António Costa, President of the European Council, pledged: “We will work on the issue today, and if needed tomorrow, but we will never leave the Council before reaching a final decision.”
- Kaja Kallas, the EU’s top diplomat, commented that work to allay Belgium’s concerns and distribute the liability equally were continuing. She estimated the chances of a deal at “50/50.”
- Micheál Martin, Ireland’s Taoiseach, said his country was “very much in favour” of the use of the immobilised funds.
The scene is prepared for a potentially protracted and tense negotiation in the EU capital, with the future of substantial financial aid for a nation at war hanging in the balance.
