EU heads of state are convening in the Belgian capital to hold end-of-year discussions facing a pivotal decision regarding using immobilized Russian assets to strengthen the Ukrainian defense in the war against Russia.
“There is a simple choice: it's money now, or else bloodshed in the future,” stated the Polish Prime Minister Donald Tusk. “I’m not talking about Kyiv only, I’m talking about Europe.”
The 27-nation bloc is scrambling to fortify Ukraine's position while ex-American leader Donald Trump advocates for a rapid settlement to halt the conflict as the war continues towards the four-year anniversary.
A Looming Fiscal Crunch and the Controversial Solution
The EU estimates 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 EU's executive arm has proposed a plan to access some €210bn of Russian central bank assets frozen in the European Union.
Germany's Chancellor Friedrich Merz argued the proposal was essential to increase pressure on Vladimir Putin and send “a clear message to the Kremlin.”
A Divided Union: Opposition and Juridical Concerns
However, a notable group of dissenters, led by Belgium—where the headquarters of Euroclear, which custodies the majority of the Russian assets—has been raising concerns about potential legal issues. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered doubts.
Technically, this coalition is not enough to block the plan if a vote gets called under qualified majority procedures. Yet in practical political terms, it creates the process extremely difficult for all parties involved.
There remains little indication of compromise, as the only other option—focusing on EU joint borrowing—would need unanimous approval, and would almost certainly be obstructed by Hungary, which categorically rejects providing any further help for Kyiv.
Officials' Comments Before the Talks
EU leaders have insisted that the Brussels talks will last for however long it is necessary to achieve an consensus, cautioning that Ukraine’s survival and the EU's standing are at stake.
- Ursula von der Leyen, the European Commission president, declared she would not depart from the meeting before an deal is reached.
- In a stark contrast, Slovakia's Prime Minister Robert Fico reportedly remarked that they can keep him there until the new year, and he still wouldn’t support it.
- Ukrainian leader Volodymyr Zelenskyy is set to join the summit in a final effort to convince the skeptical nations.
Firm Resistance from Budapest
The Hungarian leader Viktor Orbán proved to be uncompromising, labeling the idea of utilizing seized assets “stupid” and equivalent to “entering the conflict.” He expressed support for the Belgian cautious stance.
Calls for Consensus and a Solution
Other leaders emphasized the critical need for a decision.
- António Costa, European Council president, pledged: “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 top diplomat, commented that efforts to address Belgian worries and distribute the liability equally were ongoing. She estimated the chances of a successful outcome at “50/50.”
- Micheál Martin, Ireland’s leader, said his country was “strongly in favour” of using the frozen funds.
The stage is set for a possibly protracted and tense bargaining session in the EU capital, with the fate of substantial financial support for a nation at war hanging in the balance.
