European Union leaders are locked in tense, high-stakes negotiations in Brussels today, facing a critical decision on whether to use billions in frozen Russian central bank assets to bolster Ukraine's defence against the ongoing invasion.
The Financial Crunch and the Russian Asset Proposal
The summit comes as the bloc estimates Ukraine requires an additional €135bn (approximately $159bn) to remain financially stable over the next two years, with a severe cash shortage expected to begin as soon as April 2025. To address this urgent need, the European Commission has proposed a plan to access around €210bn of Russian state assets that were frozen across the EU following the outbreak of war.
German Chancellor Friedrich Merz has thrown his weight behind the proposal, stating it is essential to increase pressure on Vladimir Putin and send "a clear signal to Russia." The most stark warning, however, came from Polish Prime Minister Donald Tusk. "We have a simple choice: either money today, or blood tomorrow," he stated ahead of the talks. "I'm not talking about Ukraine only, I'm talking about Europe."
Legal Doubts and Political Blockades
Despite the urgency, the plan faces significant opposition. Belgium, where the securities depository Euroclear holds the majority of the frozen assets, is leading a bloc of sceptical nations. Bulgaria, Czech Republic, Italy, Malta, and Slovakia have also raised concerns about the legal ramifications of seizing the funds.
While this group likely lacks the numbers to formally block the proposal under the EU's qualified majority voting rules, their resistance creates a major political obstacle. The only alternative—raising common EU debt—would require unanimous support and is certain to be vetoed by Hungary, which has ruled out any further aid for Kyiv.
A Test of European Resolve
With no compromise in sight, officials have braced for a protracted summit. European Commission President Ursula von der Leyen declared she would not leave until an agreement is found. In a pointed retort, Slovak Prime Minister Robert Fico joked that he could be kept in Brussels until the New Year and still would not back the plan.
In a final effort to sway critics, Ukrainian President Volodymyr Zelenskyy is set to address the gathering remotely. The outcome of these talks is seen as pivotal, not only for Ukraine's immediate survival but for the credibility of European unity and security policy. As the conflict approaches its fourth year, the EU's decision will signal its long-term commitment to confronting Russian aggression.
