European Union leaders have gathered in the Belgian capital for year-end discussions with a pivotal choice on using immobilized Russian funds to strengthen Ukraine’s defence against Moscow.
“There is a simple choice: either money now, or else blood in the future,” warned the Polish leader Donald Tusk. “This isn't just about Ukraine alone, this concerns Europe.”
The 27-member bloc is working urgently to fortify Ukraine's position while ex-American leader Donald Trump pushes for a rapid deal to halt the fighting as the war continues towards the four-year anniversary.
The Financial Crunch and the Controversial Plan
European officials calculate the nation requires an additional €135bn ($159bn) to remain solvent over the 2026 and 2027, with the cash crunch expected to begin in April. To fill this gap, the European Commission has put forward a plan to access approximately €210bn of Moscow's state reserves seized within the European Union.
German leader Friedrich Merz argued the assets plan was critical to ramp up the pressure on Vladimir Putin and send “a strong message to the Kremlin.”
A Divided Union: Resistance and Juridical Concerns
However, a significant opposition bloc, spearheaded by Belgium—the home of Euroclear, which custodies the majority of the frozen funds—has been voicing concerns about potential legal issues. Countries including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also expressed doubts.
Technically, this coalition may not be enough to veto the plan should a vote be held under qualified majority voting procedures. But in practical political terms, it creates the process extremely difficult for all parties concerned.
There remains little indication of compromise, as the alternative pathway—focusing on European Union debt—would require unanimous approval, and would almost certainly be blocked by Hungary, which categorically rejects any additional help for Kyiv.
Leaders’ Statements Ahead of the Negotiations
EU officials have stated emphatically that the Brussels discussions will last as long as it takes to achieve an agreement, warning that Ukraine’s survival and the EU's standing are at stake.
- Ursula von der Leyen, the head of the EU executive, said she would not depart from the meeting until an agreement is concluded.
- In contrast, Slovakia's leader Robert Fico allegedly remarked that they can keep him there until the New Year, and he would not support it.
- Ukraine's President Volodymyr Zelenskyy is scheduled to participate in the meeting in a final effort to persuade the skeptical nations.
Firm Resistance from Budapest
Hungary’s Prime Minister Viktor Orbán proved to be uncompromising, calling the idea of using seized assets “foolish” and amounting to “entering the war.” He voiced agreement for the Belgian cautious stance.
Appeals for Consensus and a Solution
Other leaders emphasized the critical need for a decision.
- António Costa, European Council president, vowed: “Negotiations will continue on this today, if it’s necessary tomorrow, but we will not depart from the summit without a conclusive agreement.”
- Kaja Kallas, the EU’s foreign policy chief, commented that efforts to address Belgium’s concerns and share the risk fairly were ongoing. She put the odds of a deal at “fifty-fifty.”
- Micheál Martin, Ireland’s Taoiseach, said his country was “very much in favour” of using the frozen assets.
The scene is prepared for a possibly protracted and tense negotiation in the EU capital, with the future of significant monetary aid for a nation at war resting in the balance.
