EU leaders press Belgium on using Russian assets to fund Ukraine

EU leaders press Belgium on using Russian assets to fund Ukraine

DPA

Thu, December 18, 2025 at 11:11 AM UTC

3 min read

EU Council President Antonio Costa, opens the first working session at the EU summit in Brussels. The main topic is the question of whether assets of the Russian central bank frozen in the EU can be used to support Ukraine in the future. Michael Kappeler/dpa

Belgium was under increasing pressure at a summit of EU leaders in Brussels to back plans to provide Ukraine with billions of euros using frozen Russian assets frozen to cover Kiev's economic and military needs for the coming years.

Polish Prime Minister Donald Tusk warned of serious consequences if no solution can be found before current funding schemes for Ukraine run dry.

"We have a simple choice: Either money today or blood tomorrow," Tusk said as he arrived at the EU summit on Thursday.

"I am not talking about Ukraine only. I am talking about Europe. This is our decision to make and only ours," he said.

The European Commission has proposed to provide Ukraine with up to €210 billion ($246 billion) in immobilized Russian assets in the EU as a reparations loan, of which €90 billion are meant cover financial and military needs in 2026 and 2027.

Kiev would only have to repay the loan if Russia makes reparations after the war — an outcome few see President Vladimir Putin agreeing to.

Belgium, where the lion's share of the assets are held and roughly €185 billion are held by Brussels-based firm Euroclear, opposes the plan, citing legal and financial risks.

"I think all European leaders have to finally rise to this occasion," Tusk said.

Addressing the Belgian parliament, Belgian Prime Minister Bart De Wever reiterated his concerns on Thursday morning.

The Belgium government fears that Moscow could retaliate against private European citizens and companies, for example through expropriations in Russia, and has been calling for safeguards.

De Wever has been demanding legally binding and unconditional guarantees from other EU countries covering the entire sum of the loan as well as protection from any potential claims for damages.

The loan could, in theory, be approved without Belgium's backing, as it requires only a qualified majority — at least 15 of the EU’s 27 member states representing 65% of the bloc’s population.

While it is widely seen as unlikely that other EU countries would move to overrule Belgium, impatience is growing among some leaders.

Belgium is "in a very sensitive place," said Latvian Prime Minister Evika Siliņa, "but this is as well a question of political will, not just legal aspects."

"In any political decision, there is always legal aspects. But we are politicians, we are the ones who are making the rules as well."

Joint EU debt as 'PlanB' lacks unanimous support

De Wever has been advocating for the EU to take on joint debt to fund Ukraine — a move which would require unanimous support from all 27 member countries under EU rules.

German Chancellor Friedrich Merz, a vocal proponent of the reparations loan, rejected the idea of joint EU borrowing.

"We are essentially faced with a choice of using European debt or Russian assets for Ukraine. And my opinion is clear: we must use Russian assets," said Merz.

"I see no better option than precisely this. My impression is that we can reach an agreement. I understand the concerns of some member states, especially the Belgian government, but I hope that we can resolve them together."

Hungarian Prime Minister Viktor Orbán said that he is opposed to any form of financial aid to Ukraine.

Lengthy negotiations expected

Negotiations on financial support for Ukraine are expected to run into overtime with EU leaders likely staying in the Belgian capital until Friday.

European Commission President Ursula von der Leyen and European Council President Antonio Costa are insisting on finding a solution at the summit in Brussels.

"We have to find a solution," said von der Leyen.

Costa, who chairs the summit, said the meeting will not be over "without a final decision to ensure the financial needs of Ukraine for 2026 and 2027."

About Our Ads

Source