European Union heads of state are convening in the Belgian capital for end-of-year discussions with a key decision on using frozen Russian funds to strengthen the Ukrainian defence in the war against Moscow.
“We have a clear option: either funds today, or else blood in the future,” warned the Polish leader Donald Tusk. “This isn't just about Kyiv alone, this concerns Europe.”
The 27-member union is working urgently to fortify Ukraine's position while former U.S. President Donald Trump pushes for a rapid deal to end the fighting as the invasion continues towards the fourth anniversary.
A Looming Fiscal Crisis and the Proposed Solution
European officials calculate Ukraine needs an additional €135bn ($159bn) to stay afloat during the 2026 and 2027, with the funding shortfall expected to begin in April. To plug this gap, the European Commission has put forward a plan to access some €210bn of Russian central bank reserves seized in the European Union.
German leader Friedrich Merz argued the proposal was essential to ramp up pressure on Vladimir Putin and send “a clear message to the Kremlin.”
A Divided Union: Opposition and Juridical Concerns
However, a notable opposition bloc, spearheaded by Belgium—where the headquarters of the clearing house Euroclear, which holds most the Russian assets—has been voicing questions about possible legal issues. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered reservations.
From a procedural standpoint, this coalition is not sufficient to block the plan should a vote be held under qualified majority rules. Yet in practical political terms, it creates the process extremely difficult for everyone involved.
There remains no sign of a middle ground, as the alternative option—relying on EU debt—would require unanimous approval, and would almost certainly be obstructed by Hungary, which categorically rejects providing any further assistance for Ukraine.
Leaders’ Comments Ahead of the Negotiations
European officials have insisted that the summit discussions will continue as long as it is necessary to reach an consensus, warning that the future of Ukraine and Europe’s credibility are at stake.
- Ursula von der Leyen, the head of the EU executive, said she won’t leave the summit before an agreement is concluded.
- 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 leader Volodymyr Zelenskyy is set to participate in 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 idea of utilizing frozen assets “stupid” and amounting to “entering the war.” He voiced agreement for the Belgian cautious stance.
Appeals for Unity and a Resolution
Several other leaders stressed the critical need for a decision.
- António Costa, European Council president, pledged: “Negotiations will continue on this today, if it’s necessary 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 allay Belgian concerns and share the risk equally were continuing. She put the odds of a deal at “50/50.”
- Micheál Martin, Ireland’s leader, said his country was “very much in favour” of using the immobilised assets.
The scene is prepared for a possibly long and strained bargaining session in Brussels, with the fate of substantial monetary support for a nation at war resting in the balance.
