European Union heads of state are convening in the Belgian capital to hold end-of-year discussions with a pivotal choice on the use of immobilized Russian Federation assets to strengthen Ukraine’s defence against Moscow.
“There is a clear choice: either funds now, or bloodshed tomorrow,” warned Poland’s Prime Minister Donald Tusk. “This isn't just about Kyiv only, this concerns Europe.”
The 27-nation bloc is working urgently to strengthen Kyiv’s hand while ex-American leader Donald Trump advocates for a rapid deal to halt the fighting as the invasion continues towards the four-year mark.
A Looming Fiscal Crunch and the Proposed Solution
The EU estimates Ukraine requires an additional €135bn ($159bn) to remain solvent during the 2026 and 2027, with the funding shortfall set to start in April. To plug this hole, the EU's executive arm has put forward a scheme to tap some €210bn of Moscow's state assets seized within the bloc.
German Chancellor Friedrich Merz argued the assets plan was critical to ramp up pressure on Vladimir Putin and send “a strong message to Russia.”
A Divided Bloc: Opposition and Juridical Concerns
However, a notable group of dissenters, spearheaded by Belgium—the home of Euroclear, which holds most the Russian assets—is voicing questions about potential legal issues. Countries including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also expressed reservations.
From a procedural standpoint, this coalition may not be enough to veto the proposal if a vote gets called under qualified majority voting procedures. Yet politically, it creates the process very awkward for all parties involved.
But there is no sign of a middle ground, as the alternative pathway—relying on EU debt—would need unanimity, and would almost certainly be obstructed by Hungary, which flatly denies any additional help for Kyiv.
Leaders’ Comments Before the Talks
EU officials have insisted that the summit talks will last as long as it is necessary to reach an consensus, warning that Ukraine’s survival and Europe’s credibility are on the line.
- Ursula von der Leyen, the European Commission president, said she won’t leave the meeting until an deal is concluded.
- In contrast, Slovakia's leader Robert Fico allegedly joked 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 last-ditch attempt to convince the critics.
Strong Opposition from Hungary
The Hungarian leader Viktor Orbán proved to be blunt, calling the proposition of utilizing seized assets “stupid” and amounting to “entering the conflict.” He voiced agreement for Belgium’s wary stance.
Calls for Consensus and a Resolution
Several other EU heads of state stressed the critical need for a decision.
- António Costa, President of the European Council, pledged: “We will work on this today, if it’s necessary tomorrow, but we will not depart from the Council before reaching a conclusive agreement.”
- Kaja Kallas, the EU’s top diplomat, noted that efforts to address Belgium’s worries and distribute the liability fairly were ongoing. She put the chances of a deal at “50/50.”
- Micheál Martin, Ireland’s leader, said his country was “very much in support” of using the immobilised assets.
The stage is set for a potentially protracted and tense bargaining session in the EU capital, with the future of significant financial support for Ukraine hanging in the balance.
