European Union heads of state are convening in Brussels for end-of-year discussions with a pivotal choice regarding the use of immobilized Russian Federation funds to strengthen the Ukrainian defence against Moscow.
“There is a simple choice: either money today, or else blood tomorrow,” stated the Polish leader Donald Tusk. “I’m not talking about Ukraine alone, I’m talking about the entire continent.”
The 27-nation bloc is scrambling to strengthen Kyiv’s hand while ex-American leader Donald Trump pushes for a quick deal to end the conflict as the war continues towards the fourth mark.
The Financial Crunch and the Proposed Plan
European officials calculate Ukraine requires an additional €135bn ($159bn) to remain solvent during the 2026 and 2027, with the cash crunch expected to begin in April. To fill this gap, the European Commission has put forward a plan to access approximately €210bn of Russian central bank reserves seized in the European Union.
German leader Friedrich Merz argued the assets plan was critical to ramp up pressure on Vladimir Putin and send “a clear message to the Kremlin.”
A Split Union: Resistance and Legal Concerns
However, a significant group of dissenters, spearheaded by Belgium—where the headquarters of the clearing house Euroclear, which custodies the majority of the Russian assets—has been raising questions about possible legal issues. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered reservations.
From a procedural standpoint, this group may not be enough to block the proposal should a vote be held under qualified majority procedures. But in practical political terms, it makes the situation extremely difficult for everyone concerned.
There remains little indication of a middle ground, as the alternative pathway—focusing on EU debt—would need unanimity, and would likely be blocked by Hungary, which flatly denies any additional help for Kyiv.
Leaders’ Statements Before the Talks
EU officials have stated emphatically that the Brussels discussions will continue for however long it is necessary to reach an consensus, warning that Ukraine’s survival and Europe’s credibility are at stake.
- Ursula von der Leyen, the European Commission president, declared she would not depart from the summit until an deal is reached.
- In contrast, Slovakia's leader Robert Fico allegedly joked that they can keep him there until the new year, and he would not back it.
- Ukraine's President Volodymyr Zelenskyy is scheduled to participate in the meeting in a last-ditch effort to persuade the critics.
Strong Opposition from Hungary
The Hungarian leader Viktor Orbán was blunt, calling the idea of using frozen Russian funds “stupid” and amounting to “marching into the war.” He expressed agreement for the Belgian cautious stance.
Calls for Unity and a Resolution
Other leaders stressed the urgency for a resolution.
- António Costa, President of the European Council, vowed: “Negotiations will continue on this today, if it’s necessary tomorrow, but we will never leave the Council before reaching a final decision.”
- Kaja Kallas, the EU’s top diplomat, commented that efforts to allay Belgian worries and distribute the risk equally were continuing. She put the chances of a deal at “fifty-fifty.”
- Micheál Martin, Ireland’s leader, said his country was “strongly in support” of using the immobilised assets.
The stage is set for a potentially long and tense negotiation in the EU capital, with the fate of significant financial aid for Ukraine resting in the balance.
