EU leaders have gathered in Brussels for year-end discussions facing a key choice regarding using frozen Russian Federation funds to strengthen the Ukrainian defence in the war against Russia.
“There is a clear option: it's money now, or bloodshed in the future,” stated Poland’s leader Donald Tusk. “I’m not talking about Ukraine alone, I’m talking about the entire continent.”
The 27-nation union is scrambling to strengthen Kyiv’s hand while former U.S. President Donald Trump pushes for a rapid settlement to halt the conflict as the invasion drags towards the fourth mark.
The Financial Crunch and the Controversial Solution
The EU estimates Ukraine needs an additional €135bn ($159bn) to remain solvent over the next two years, with the funding shortfall expected to begin in April. To fill this hole, the European Commission has proposed a scheme to tap approximately €210bn of Russian central bank reserves seized within the bloc.
German leader Friedrich Merz argued the proposal was essential to ramp up pressure on Vladimir Putin and send “a strong signal to Russia.”
A Divided Bloc: Opposition and Legal Doubts
However, a significant group of dissenters, spearheaded by Belgium—where the headquarters of the clearing house Euroclear, which holds most the Russian assets—is voicing questions about possible juridical challenges. Countries including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered reservations.
Technically, this coalition is not enough to veto the plan if a vote gets called under qualified majority procedures. But in practical political terms, it makes the situation very awkward for all parties involved.
But there is little indication of a middle ground, as the only other option—focusing on EU debt—would need unanimity, and would likely be obstructed by Hungary, which categorically rejects providing any further help for Kyiv.
Officials' Comments Before the Talks
European leaders have stated emphatically that the summit discussions will continue as long as it takes to reach an agreement, cautioning that Ukraine’s survival and the EU's standing 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 concluded.
- In a stark contrast, Slovakia's Prime Minister Robert Fico allegedly joked that they can keep him there until the new year, and he still wouldn’t back it.
- Ukraine's President Volodymyr Zelenskyy is scheduled to participate in the summit in a final effort to persuade the critics.
Strong Opposition from Hungary
Hungary’s leader Viktor Orbán proved to be blunt, calling the proposition of utilizing frozen Russian funds “foolish” and amounting to “marching into the conflict.” He voiced agreement for the Belgian wary position.
Appeals for Unity and a Solution
Other leaders emphasized the urgency for a resolution.
- António Costa, European Council president, pledged: “We will work on the issue today, and if needed tomorrow, but we will never leave the Council without a conclusive agreement.”
- Kaja Kallas, the EU’s foreign policy chief, noted that efforts to allay Belgium’s worries and share the liability equally were continuing. She put the odds of a deal at “50/50.”
- Micheál Martin, Ireland’s Taoiseach, said his country was “very much in support” of using the immobilised assets.
The stage is set for a possibly long and strained bargaining session in the EU capital, with the fate of significant financial aid for Ukraine hanging in the balance.
