European Union leaders gathered in Brussels on Thursday for a high-stakes summit aimed at resolving disputes over whether to use frozen Russian assets to finance Ukraine’s ongoing war effort. The summit, described by EU foreign policy chief Kaja Kallas as a moment that “we just can’t afford to fail,” underscores the bloc’s determination to maintain Ukraine’s financial support while demonstrating European strength and unity. Leaders pledged to stay at the summit as long as necessary to find a solution.
The European Commission has proposed using frozen Russian central bank assets, largely held in Belgium, to back a substantial loan to Kyiv. With public finances across the EU already strained, this plan seeks to ensure that Ukraine can continue to defend itself against Russian aggression. The initiative is framed as both a strategic necessity and a moral imperative, with Ukrainian President Volodymyr Zelenskiy calling on EU leaders to act, noting that using Russian assets “is moral, fair and legal.”
However, significant legal and financial concerns remain, particularly for Belgium, which holds 185 billion euros of the 210 billion euros frozen across the EU. Belgian Prime Minister Bart De Wever emphasized the need for guarantees that would mitigate legal and liquidity risks, noting that financing plans were still evolving. Other member states, including Italy, have also expressed caution. Russia’s central bank has denounced the EU plans as illegal, filing a $230 billion lawsuit in Moscow against the Euroclear clearing house, heightening the stakes.
Polish Prime Minister Donald Tusk framed the decision in stark terms, declaring, “Now we have a simple choice – either money today or blood tomorrow,” highlighting the urgency of providing Ukraine with funding before the second quarter of next year, when the country could otherwise face severe financial shortages. Diplomats indicated that using Russian assets is effectively “the only game in town,” as alternative options, such as borrowing against the EU budget, face likely vetoes from member states including Hungary.
Despite the high tension, there are signs of cautious optimism. Kallas assessed the chances of a deal as “50/50,” while German Chancellor Friedrich Merz said he believed an agreement could be reached. Draft conclusions from the summit propose that leaders make the political decision to proceed with the reparation loan while tasking officials to urgently finalize the technical details, including risk-sharing measures to reassure Belgium and other cautious members.
The outcome of the Brussels summit could not only determine Ukraine’s immediate financial survival but also signal the EU’s capacity to act decisively in the face of external threats, reinforcing its credibility as a unified bloc in a period of heightened geopolitical tension.
