EU leaders are convening in Brussels for year-end discussions facing a pivotal choice on using frozen Russian Federation assets to strengthen the Ukrainian defence in the war against Russia.
“We have a clear option: either funds now, or blood tomorrow,” warned Poland’s leader Donald Tusk. “This isn't just about Kyiv only, I’m talking about Europe.”
The 27-member bloc is scrambling to fortify Ukraine's position while ex-American leader Donald Trump pushes for a rapid settlement to end the conflict as the invasion continues towards the fourth mark.
A Looming Fiscal Crisis and the Controversial Plan
The EU estimates the nation needs an extra €135bn ($159bn) to stay afloat over the next two years, with the funding shortfall set to start in the spring. To plug this gap, the European Commission has put forward a plan to access some €210bn of Russian central bank assets seized in the bloc.
German Chancellor Friedrich Merz said the assets plan was critical to ramp up the pressure on Vladimir Putin and send “a clear message to Russia.”
A Divided Union: Resistance and Juridical Doubts
However, a significant group of dissenters, spearheaded by Belgium—where the headquarters of Euroclear, which custodies the majority of the frozen funds—has been voicing questions about possible legal issues. Countries including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered reservations.
Technically, this coalition is not sufficient to block the plan if a vote gets called under qualified majority rules. But in practical political terms, it creates the process very awkward for all parties involved.
But there is little indication of compromise, as the alternative option—focusing on European Union joint borrowing—would require unanimous approval, and would almost certainly be blocked by Hungary, which flatly denies providing any further assistance for Ukraine.
Leaders’ Statements Ahead of the Negotiations
European officials have insisted that the summit discussions will last as long as it takes to achieve an consensus, warning that Ukraine’s survival and Europe’s credibility are at stake.
- Ursula von der Leyen, the head of the EU executive, said she won’t leave the meeting until an agreement is reached.
- In contrast, Slovak 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 scheduled to join the summit in a final attempt to convince the critics.
Firm Resistance from Budapest
The Hungarian Prime Minister Viktor Orbán proved to be uncompromising, labeling the proposition of utilizing frozen assets “foolish” and amounting to “entering the war.” He expressed support for the Belgian cautious position.
Calls for Consensus and a Resolution
Several other EU heads of state stressed the urgency for a resolution.
- António Costa, President of the European Council, vowed: “Negotiations will continue on this today, and if needed tomorrow, but we will never leave the Council before reaching a final decision.”
- Kaja Kallas, the EU’s top diplomat, noted that work to address Belgium’s worries and share the risk fairly were continuing. She estimated the odds of a deal at “50/50.”
- Micheál Martin, Ireland’s leader, said his nation was “very much in support” of using the immobilised assets.
The scene is prepared for a potentially long and tense negotiation in the EU capital, with the fate of substantial monetary aid for a nation at war hanging in the balance.
