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EU leaders vowed to raise funds to meet Ukraine’s financial needs at a summit in Brussels on Thursday, increasing pressure on Belgium to drop its opposition to using Russia’s frozen assets.
The bloc wants to use €210bn of Moscow’s sovereign assets held in Euroclear, a Belgium-based central securities depository, to guarantee a €90bn loan to Kiev over the next two years. The money is meant to help Ukraine deter Russian aggression and ensure Europe’s important role in US-led peace talks despite Russia threatening a “harsh” legal response.
Ahead of Thursday’s summit in Brussels, EU officials said they were hopeful of a deal, even if it meant meeting at night. The summit is scheduled to end on Friday but could be extended. European Council President Antonio Costa has vowed to keep the leaders in Brussels until a deal is reached.
Ukrainian President Volodymyr Zelensky said he would attend the meeting in person, increasing pressure on Belgium, which has asked for financial and legal guarantees that any potential retaliation from Russia would be shared with other EU member states.
Belgian Prime Minister Bart de Wever told reporters Thursday morning that he could not agree to the text unless some “deal breakers” were removed. “Otherwise, they will have to take me out of there. There can be no flexibility on issues that threaten the financial security of Euroclear and Belgium. Let it be absolutely clear,” he said.
He said, “I have not yet seen any text that would lead me to change Belgium’s position. I expected to see a text today, but nothing has happened so far.”
Instead of using frozen assets, De Wever has advocated joint borrowing by EU countries, guaranteed by the bloc’s common budget.
The European Commission has said it would require unanimous approval, with Hungary having already indicated it would veto the move.
Arriving at the summit, Polish Prime Minister Donald Tusk said the leaders would have to agree on either “money today or blood tomorrow”.
Tusk said, “I’m not talking about Ukraine, I’m talking about Europe. This decision is ours to make and ours alone. All European leaders have to rise to the occasion.”
European Commission President Ursula von der Leyen echoed her comments: “We must find a solution today. We will not leave the European Council without a solution for Ukraine’s funding for the next two years.”
He said Belgium’s concerns were “understandable” but he hoped they could be met.
But Hungary’s prime minister, Viktor Orban, claimed opponents had enough votes to block a deal over Belgium’s head.
He told reporters, “The whole idea is stupid. It’s heading towards war. The Belgian prime minister is right. We shouldn’t do this.”
German Chancellor Friedrich Merz, who has advocated the use of frozen assets, said he sees “no other option” for financing Ukraine.
“We have the choice to use European loans or Russian assets for Ukraine. My opinion is clear: we have to use Russian assets.”
