EU leaders are convening in the Belgian capital to hold end-of-year talks with a key decision on using immobilized Russian funds to strengthen Ukraine’s defence against Moscow.
“There is a clear choice: it's money today, or else blood in the future,” stated Poland’s leader Donald Tusk. “This isn't just about Ukraine only, I’m talking about the entire continent.”
The 27-nation union is scrambling to fortify Ukraine's position while former U.S. President Donald Trump pushes for a quick deal to halt the conflict as the war continues towards the four-year anniversary.
The Financial Crisis and the Proposed Solution
The EU estimates Ukraine needs an extra €135bn ($159bn) to stay afloat during the 2026 and 2027, with the cash crunch set to start in the spring. To fill this gap, the EU's executive arm has put forward a plan to access approximately €210bn of Moscow's state reserves frozen within the European Union.
German leader Friedrich Merz said the proposal was essential to ramp up pressure on Vladimir Putin and send “a strong signal to Russia.”
A Divided Bloc: Resistance and Juridical Doubts
However, a notable group of dissenters, led by Belgium—where the headquarters of Euroclear, which holds most the frozen funds—has been raising concerns about potential legal issues. Countries including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered doubts.
Technically, this group is not sufficient to block the proposal if a vote gets called under qualified majority procedures. But politically, it makes the situation extremely difficult for all parties concerned.
There remains no sign of compromise, as the alternative pathway—focusing on EU debt—would require unanimity, and would likely be obstructed by Hungary, which flatly denies providing any additional help for Ukraine.
Leaders’ Comments Before the Negotiations
European officials have stated emphatically that the Brussels discussions will last as long as it is necessary to achieve an consensus, cautioning that Ukraine’s survival and the EU's standing are on the line.
- Ursula von der Leyen, the head of the EU executive, declared she won’t leave the summit until an agreement is concluded.
- In contrast, Slovakia's leader Robert Fico reportedly joked that they can keep him there until the New Year, and he still wouldn’t back it.
- Ukrainian leader Volodymyr Zelenskyy is set to join the summit in a final attempt to convince the critics.
Firm Resistance from Budapest
The Hungarian leader Viktor Orbán was blunt, calling the proposition of using frozen assets “foolish” and equivalent to “marching into the conflict.” He voiced agreement for the Belgian wary stance.
Appeals for Consensus and a Resolution
Other leaders emphasized the urgency for a resolution.
- António Costa, President of the European Council, vowed: “We will work on the issue today, if it’s necessary tomorrow, but we will not depart from the Council before reaching a conclusive agreement.”
- Kaja Kallas, the EU’s foreign policy chief, noted that efforts to address Belgium’s concerns and share the risk equally were ongoing. She put the odds of a deal at “50/50.”
- Micheál Martin, Ireland’s Taoiseach, stated his nation was “very much in support” of the use of the frozen funds.
The stage is set for a possibly protracted and strained bargaining session in the EU capital, with the fate of substantial monetary aid for Ukraine resting in the balance.
