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EU leaders vowed to find the money to cover Ukraine’s financing needs at a summit in Brussels on Thursday, even as Belgium restated its unwavering opposition to using Russia’s frozen assets.
The bloc is seeking to use €210bn in Moscow’s sovereign assets held in Euroclear, the central securities depository based in Belgium, to guarantee a €90bn loan to Kyiv over the next two years. The money is intended for Ukraine to fend off Russian aggression and ensure Europe has a key role in US-led peace talks despite Russia threatening a “harsh” legal response.
EU officials said ahead of Thursday’s summit in Brussels that they were hopeful of a deal even if it meant meeting through the night. The summit is scheduled to end on Friday but could be extended. European Council President António Costa vowed that leaders would “never leave” the summit until an agreement was struck.
Ukrainian President Volodymyr Zelenskyy said he would also attend the meeting in person, adding to the pressure on Belgium, which has sought financial and legal guarantees that any potential retaliation from Russia would be shared with other EU member states.
“I will speak with all the leaders, present our arguments, and I very much hope that we can obtain a positive decision. Without this, there will be a major problem for Ukraine,” Zelenskyy told reporters prior to his arrival at the summit. “Today it depends on political will.”
“In Ukraine, people want this war to end,” he added. “If Russia does not comply with the US demand to end this war in the near future, then Ukraine will unquestionably need to be strengthened . . . with weapons, sanctions and money.”
Belgian Prime Minister Bart De Wever told reporters on Thursday morning that he could not agree to the text until certain “deal breakers” were removed. “Otherwise, they will have to carry me out of there. There can be no flexibility on issues that threaten the financial security of Euroclear and Belgium. Let that be very clear,” he said.
“I have not yet seen any text that would persuade me to change Belgium’s position. I hope to see one today, but so far there is none,” he added.
Senior EU officials met De Wever and other Belgian officials on Wednesday, with detailed negotiations running late into the night, according to people briefed on the talks.
They made progress on legal guarantees to reassure Belgium, but sticking points remain on a liquidity provision to ensure rapid access to cash should Russia need to be repaid, and the protection afforded to Euroclear assets in Russia and third countries, the people added.
Instead of using the frozen assets, De Wever has advocated joint borrowing by EU countries guaranteed by the bloc’s common budget.
The European Commission has said this would require unanimous approval, with Hungary already signalling it would veto the move.
Kaja Kallas, the EU’s foreign policy chief, said Belgium was “under a lot of pressure from Russia, from European countries but also from the United States”.
Arriving at the summit, Polish Prime Minister Donald Tusk said leaders either had to agree “money today or blood tomorrow”.
“I’m not talking about Ukraine, I am talking about Europe. This is our decision to make and only ours. All European leaders have to rise to this occasion,” Tusk said.
Ursula von der Leyen, European Commission president, echoed his remarks: “We have to find a solution today. We will not leave the European Council without a solution for the funding of Ukraine for the next two years.”
She said Belgium’s concerns were “understandable” but she hoped they could be met.
But Viktor Orbán, Hungary’s prime minister, claimed the opponents had enough votes to block a deal being struck over Belgium’s head.
“The whole idea is a stupid one. It is marching into the war. The Belgian prime minister is right. We should not do that,” he told reporters.
German Chancellor Friedrich Merz, who has championed the use of frozen assets, said he saw “no other option” for funding Ukraine.
“We have an option to use European debt or Russian assets for Ukraine. My opinion is clear: we have to use the Russian assets.”
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