EU heads of state have gathered in Brussels to hold year-end discussions facing a pivotal choice regarding the use of immobilized Russian Federation funds to boost Ukraine’s defence against Moscow.
“There is a simple option: either money today, or else bloodshed in the future,” warned the Polish leader Donald Tusk. “I’m not talking about Kyiv alone, I’m talking about Europe.”
The 27-nation union is scrambling to fortify Ukraine's position while ex-American leader Donald Trump pushes for a rapid deal to end the fighting as the invasion drags towards the fourth anniversary.
A Looming Fiscal Crunch and the Proposed Plan
The EU estimates the nation needs an additional €135bn ($159bn) to remain solvent during the next two years, with the funding shortfall set to start in the spring. To fill this hole, the EU's executive arm has proposed a scheme to access some €210bn of Russian central bank reserves seized within the bloc.
Germany's leader Friedrich Merz argued the assets plan was critical to increase pressure on Vladimir Putin and send “a strong signal to the Kremlin.”
A Split Union: Opposition and Legal Concerns
However, a notable opposition bloc, spearheaded by Belgium—the home 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 expressed doubts.
Technically, this coalition may not be enough to veto the proposal if a vote gets called under qualified majority voting rules. Yet politically, it makes the situation very awkward for all parties concerned.
But there is no sign of compromise, as the alternative option—focusing on European Union debt—would need unanimous approval, and would likely be blocked by Hungary, which flatly denies any additional help for Kyiv.
Leaders’ Comments Before the Negotiations
EU officials have stated emphatically that the Brussels discussions will continue for however long it is necessary to reach an agreement, 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 would not depart from the summit before an agreement is reached.
- In a stark contrast, Slovakia's Prime Minister Robert Fico reportedly remarked that he could be kept until the new year, and he would not support it.
- Ukraine's leader Volodymyr Zelenskyy is scheduled to participate in the summit in a last-ditch effort to convince the skeptical nations.
Strong Opposition from Budapest
Hungary’s Prime Minister Viktor Orbán was blunt, labeling the proposition of using seized assets “stupid” and equivalent to “entering the war.” He voiced agreement for Belgium’s wary position.
Appeals for Consensus and a Solution
Several other leaders stressed the urgency for a decision.
- António Costa, President of the European Council, vowed: “We will work on this today, if it’s necessary tomorrow, but we will not depart from the summit before reaching a final decision.”
- Kaja Kallas, the EU’s foreign policy chief, noted that work to address Belgian worries and distribute the liability equally were continuing. She estimated the odds of a successful outcome at “50/50.”
- Micheál Martin, the Irish Taoiseach, stated his nation was “very much in favour” of the use of the immobilised assets.
The scene is prepared for a possibly long and tense negotiation in Brussels, with the fate of significant monetary aid for Ukraine hanging in the balance.
