European Union heads of state have gathered in the Belgian capital to hold year-end discussions facing a key decision on using frozen Russian assets to strengthen the Ukrainian defense in the war against Moscow.
“There is a clear choice: it's money now, or else bloodshed in the future,” stated the Polish leader Donald Tusk. “This isn't just about Kyiv only, I’m talking about Europe.”
The 27-nation bloc is working urgently to strengthen Kyiv’s hand while former U.S. President Donald Trump advocates for a quick settlement to halt the fighting as the war continues towards the fourth mark.
A Looming Fiscal Crunch and the Controversial Plan
European officials calculate Ukraine needs an extra €135bn ($159bn) to remain solvent during the 2026 and 2027, with the cash crunch expected to begin in the spring. To fill this gap, the European Commission has proposed a scheme to access some €210bn of Moscow's state assets seized within the bloc.
Germany's Chancellor Friedrich Merz said the proposal was essential to ramp up pressure on Vladimir Putin and send “a strong signal to Russia.”
A Divided Bloc: Opposition and Juridical Doubts
However, a notable group of dissenters, spearheaded by Belgium—the home of the clearing house Euroclear, which holds the majority of the frozen funds—has been voicing questions about possible juridical challenges. Countries including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered doubts.
Technically, this group 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 very awkward for everyone involved.
There remains little indication of compromise, as the alternative pathway—relying on European Union joint borrowing—would need unanimous approval, and would likely be obstructed by Hungary, which categorically rejects providing any additional help for Ukraine.
Officials' Comments Ahead of the Negotiations
EU leaders have stated emphatically that the Brussels discussions will continue as long as it takes to achieve an agreement, warning that the future of Ukraine and Europe’s credibility are on the line.
- Ursula von der Leyen, the head of the EU executive, said she won’t leave the meeting until 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 back it.
- Ukraine's leader Volodymyr Zelenskyy is scheduled to join the meeting in a final effort to convince the skeptical nations.
Strong Opposition from Budapest
The Hungarian leader Viktor Orbán proved to be blunt, labeling the proposition of utilizing seized Russian funds “stupid” and equivalent to “entering the conflict.” He expressed support for the Belgian cautious position.
Appeals for Consensus and a Resolution
Several other EU heads of state emphasized the critical need for a decision.
- António Costa, European Council president, vowed: “Negotiations will continue on the issue today, and if needed tomorrow, but we will never leave the Council before reaching a conclusive agreement.”
- Kaja Kallas, the EU’s foreign policy chief, noted that efforts to allay Belgium’s concerns and distribute the liability equally were continuing. She put the odds of a successful outcome at “fifty-fifty.”
- Micheál Martin, Ireland’s Taoiseach, said his country was “very much in favour” of using the immobilised assets.
The scene is prepared for a potentially long and tense bargaining session in Brussels, with the future of substantial financial aid for a nation at war resting in the balance.
