European Union leaders are meeting in Brussels for high-stakes talks that could determine whether billions of euros in frozen Russian assets will be used to financially support Ukraine as the war drags on.
At the centre of the debate is approximately €210 billion in Russian funds immobilised across the EU, most of it held by Belgium-based financial services firm Euroclear.
While the European Commission has proposed loaning Kyiv around €90 billion from these assets over the next two years, the plan remains deeply divisive.
Without fresh funding, officials warn that Ukraine could face a severe financial shortfall within months, threatening both its military operations and economic stability.
Some EU leaders believe tapping into Russian assets would give Kyiv breathing space and strengthen its position amid ongoing peace talks.
However, Belgium and several other member states have raised legal and financial concerns, fearing potential lawsuits and economic fallout. Russia has already taken legal action in Moscow in an attempt to reclaim the frozen funds and has issued stern warnings against their use.
EU Commission President Ursula von der Leyen told lawmakers that the decision carries enormous weight, arguing that using the funds would not only support Ukraine but also increase the cost of war for Moscow. So far, the EU has only transferred interest earned on the frozen money—not the principal itself.
Diplomatic tensions remain high ahead of the summit. While some officials say they are cautiously hopeful a deal could emerge, resistance from countries such as Hungary and Slovakia threatens to derail consensus.
Hungarian Prime Minister Viktor Orbán has openly opposed further EU financial assistance to Ukraine, while others insist the money should be used strictly for reconstruction rather than weapons.
Meanwhile, the conflict’s wider geopolitical stakes continue to rise. The United States says renewed diplomatic talks involving Russian and US officials are expected this weekend, even as the Kremlin has rejected proposals for a European-led security force in Ukraine.
For President Volodymyr Zelensky, who is expected to attend the summit, the outcome could shape Ukraine’s survival strategy well into 2027. EU officials stress that any final decision must balance legal safeguards, political unity, and the urgent need to prevent Ukraine’s financial collapse.
As Europe weighs its options, the Brussels summit is being viewed as a defining moment—one that could reshape both the war’s trajectory and the EU’s stance on using frozen foreign assets during international conflicts.
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