EU leaders gathered at a summit in Brussels on Thursday with a mission to secure the necessary funds to support Ukraine amidst escalating tensions with Russia. The focus was on unlocking €210bn of Moscow’s frozen assets held in Belgium’s Euroclear, in order to provide a €90bn loan to Kyiv over the next two years. This financial aid is crucial for Ukraine to defend itself against Russian aggression and maintain a key role in US-led peace talks.
Prior to the summit, EU officials expressed optimism about reaching a consensus, even if it meant negotiating into the night. European Council President António Costa was determined to keep leaders in Brussels until an agreement was reached. Ukrainian President Volodymyr Zelenskyy’s presence at the meeting added to the pressure on Belgium, which was seeking financial and legal assurances regarding potential Russian retaliation.
Belgian Prime Minister Bart De Wever stood firm on his stance, insisting on safeguards to protect Euroclear and Belgium’s financial security. He rejected the proposal to use Russia’s frozen assets and instead advocated for joint borrowing by EU countries, a plan that would require unanimous approval.
As the summit unfolded, Polish Prime Minister Donald Tusk emphasized the urgency of the situation, warning that a failure to act now could lead to dire consequences in the future. European Commission President Ursula von der Leyen echoed Tusk’s sentiments, stressing the need to find a solution for Ukraine’s funding without delay.
However, Hungarian Prime Minister Viktor Orbán expressed opposition to using Russia’s assets, citing concerns about escalating conflict. German Chancellor Friedrich Merz, on the other hand, reiterated his support for utilizing the frozen assets as the most viable option for funding Ukraine.
The discussions at the summit highlighted the deep divisions among EU leaders regarding the best approach to support Ukraine. While some advocated for immediate action to secure funding, others raised concerns about the potential risks involved. The outcome of the summit remained uncertain, with Belgium’s stance posing a significant obstacle to reaching a consensus.
Overall, the summit underscored the complex challenges facing the EU in navigating the geopolitical tensions surrounding Ukraine and Russia. The need to find a sustainable financial solution for Ukraine while balancing competing interests within the bloc remained a pressing issue for EU leaders to address.
