European Union heads of state are convening in the Belgian capital to hold end-of-year discussions with a pivotal decision on using frozen Russian funds to boost the Ukrainian defence in the war against Moscow.
“There is a clear choice: either funds now, or else blood tomorrow,” warned Poland’s Prime Minister Donald Tusk. “This isn't just about Kyiv alone, I’m talking about the entire continent.”
The 27-member bloc is scrambling to fortify Ukraine's position while former U.S. President Donald Trump advocates for a quick deal to halt the conflict as the war drags towards the four-year anniversary.
The Financial Crisis and the Proposed Solution
The EU estimates Ukraine requires an extra €135bn ($159bn) to stay afloat during the 2026 and 2027, with the funding shortfall expected to begin in April. To plug this hole, the European Commission has proposed a scheme to tap some €210bn of Moscow's state reserves seized in the bloc.
Germany's leader Friedrich Merz said the proposal was critical to ramp up pressure on Vladimir Putin and send “a strong message to Russia.”
A Divided Bloc: Resistance and Juridical Concerns
However, a significant opposition bloc, spearheaded by Belgium—the home of Euroclear, which custodies most the Russian assets—has been voicing questions about potential legal issues. Countries including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also expressed doubts.
From a procedural standpoint, this group may not be enough to veto the proposal if a vote gets called under qualified majority voting procedures. Yet in practical political terms, it makes the situation extremely difficult for all parties concerned.
There remains no sign of a middle ground, as the alternative option—relying on European Union joint borrowing—would require unanimous approval, and would likely be obstructed by Hungary, which categorically rejects providing any further help for Ukraine.
Officials' Statements Before the Talks
EU leaders have stated emphatically that the Brussels discussions will continue as long as it is necessary to achieve an consensus, cautioning 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 summit until an deal is reached.
- In a stark contrast, Slovakia's leader Robert Fico reportedly remarked that he could be kept until the New Year, and he still wouldn’t back it.
- Ukrainian leader Volodymyr Zelenskyy is scheduled to participate in the meeting in a last-ditch attempt to convince the skeptical nations.
Firm Resistance from Budapest
Hungary’s Prime Minister Viktor Orbán was uncompromising, calling the idea of using seized Russian funds “stupid” and equivalent to “marching into the conflict.” He voiced support for the Belgian cautious position.
Calls for Consensus and a Resolution
Several other EU heads of state stressed the critical need for a resolution.
- António Costa, President of the European Council, vowed: “Negotiations will continue on the issue today, and if needed tomorrow, but we will never leave the summit before reaching a conclusive agreement.”
- Kaja Kallas, the EU’s foreign policy chief, noted that work to allay Belgian concerns and distribute the liability equally were continuing. She put the chances of a successful outcome at “50/50.”
- Micheál Martin, the Irish leader, said his nation was “strongly in support” of using the immobilised assets.
The stage is set for a potentially protracted and tense negotiation in Brussels, with the fate of significant financial support for Ukraine hanging in the balance.
