EU heads of state are convening in Brussels for year-end talks facing a key decision on the use of immobilized Russian funds to boost Ukraine’s defense in the war against Moscow.
“We have a clear choice: either money today, or blood tomorrow,” warned Poland’s Prime Minister Donald Tusk. “This isn't just about Kyiv alone, this concerns the entire continent.”
The 27-member union is scrambling to fortify Ukraine's position while former U.S. President Donald Trump pushes for a rapid settlement to halt the fighting as the war continues towards the four-year mark.
A Looming Fiscal Crunch and the Controversial Solution
The EU estimates Ukraine needs an additional €135bn ($159bn) to remain solvent over the next two years, with the cash crunch set to start in the spring. To plug this hole, the European Commission has proposed a scheme to tap some €210bn of Moscow's state assets seized within the European Union.
German leader Friedrich Merz argued the assets plan was critical to increase pressure on Vladimir Putin and send “a clear signal to the Kremlin.”
A Divided Union: Opposition and Juridical Doubts
However, a significant opposition bloc, spearheaded by Belgium—where the headquarters of the clearing house Euroclear, which custodies most the frozen funds—is raising concerns about potential legal issues. Nations including Bulgaria, the Czech Republic, Italy, Malta, and Slovakia have also registered doubts.
Technically, this group is not sufficient to veto the proposal if a vote gets called under qualified majority rules. Yet in practical political terms, it makes the situation very awkward for everyone involved.
There remains no sign of a middle ground, as the only other option—focusing on EU debt—would need unanimity, and would almost certainly be obstructed by Hungary, which flatly denies any further assistance for Kyiv.
Leaders’ Comments Before the Talks
European officials have stated emphatically that the summit talks will last as long as it is necessary to achieve an consensus, cautioning that the future of Ukraine and the EU's standing are on the line.
- Ursula von der Leyen, the head of the EU executive, declared she would not depart from the summit before an deal is concluded.
- In a stark contrast, Slovakia's leader Robert Fico reportedly joked that they can keep him there until the new year, and he still wouldn’t support it.
- Ukraine's leader Volodymyr Zelenskyy is set to join the summit in a last-ditch effort to convince the critics.
Strong Opposition from Budapest
Hungary’s Prime Minister Viktor Orbán proved to be blunt, calling the idea of using seized Russian funds “foolish” and equivalent to “marching into the war.” He voiced support for the Belgian cautious position.
Appeals for Consensus and a Resolution
Several other EU heads of state emphasized the urgency for a resolution.
- António Costa, European Council president, vowed: “We will work on the issue today, and if needed tomorrow, but we will never leave the summit before reaching a final decision.”
- Kaja Kallas, the EU’s top diplomat, commented that work to address Belgium’s worries and distribute the liability fairly were ongoing. She put the chances of a successful outcome at “50/50.”
- Micheál Martin, Ireland’s leader, said his country was “strongly in support” of the use of the immobilised assets.
The stage is set for a potentially long and strained negotiation in Brussels, with the future of significant financial aid for Ukraine resting in the balance.
