Volodymyr Zelensky has pushed EU leaders at a crucial summit to release billions in frozen Russian assets to support Ukraine's economy and military needs. The urgency is palpable as Ukraine faces a financial crisis, with potential drone production cuts by spring without this support.

 

Euroclear, based in Belgium, holds the majority of Russia's €210bn worth of assets in the EU. Belgium and other nations have hesitated to use these funds as a "reparations loan." Russia warns against such actions, but Polish Prime Minister Donald Tusk emphasises the importance of taking decisive measures.

 

This summit in Brussels occurs at a pivotal moment in the conflict. Russia has filed a lawsuit against Euroclear in Moscow, seeking the return of its funds. Zelensky highlights Ukraine's projected €45-50bn deficit, with European Commission chief Ursula von der Leyen insisting on finding a solution.

 

The spotlight falls on Belgian Prime Minister Bart De Wever, who suggests that if the EU is aligned, Belgium could agree. Meanwhile, US President Donald Trump claims that a peace deal is closer as US and Russian officials prepare to meet in Miami. Ukrainian representatives will also attend, with Zelensky expressing that funds are necessary for either military support if the war continues or recovery efforts.

 

Russia has not responded to these latest proposals but openly rejects plans for a European-led force in Ukraine. President Putin criticises Europe, claiming its allies aim to exploit Russia's difficulties. The European Commission has proposed loaning Ukraine about €90bn from the frozen Russian assets, covering a significant portion of Ukraine's future funding needs.

 

The EU has previously offered only the interest generated from these assets, not the principal. A Finnish official notes that securing these funds would bolster Ukraine’s position in peace talks. Alternatively, the EU might consider borrowing from international markets, backed by the EU budget, though such an action requires unanimous approval, which Hungary opposes.

 

The outcome of this summit is significant. Germany's Chancellor Friedrich Merz advocates using the Russian assets to pressure Moscow. Despite legal assurances, Belgian reservations persist, with heritage discussions ongoing. Hungary remains a major opponent, suggesting the plan might be off the agenda, a notion dismissed by EU officials.

 

A decision will need the majority support of EU member states, representing 65% of the population. Despite diverse opinions, EU leaders say they grasp the urgency. Concerns over the consequences of returning assets to Russia underscore the importance of Belgian cooperation.

 

 

Key Takeaways:

• Zelensky appeals to the EU to utilise frozen Russian assets for Ukraine’s aid.
• Russian lawsuit challenges the EU’s potential decision, while peace talks loom in Miami.
• EU leaders face significant decisions with economic and diplomatic stakes.

 

Relates story:

Zelensky: Russia Stalls Peace; Trump Pushes Ukraine Deal!

 

  Adapted by ASEAN Now from BBC 2025-12-19

 

 

 

Anyone even considering giving this guy a single cent needs their heads looking at. So, all his top lieutenants were caught in wholesale corruption of moneys given to fight the war - but not Zelensky, oh no, this ex actor that refuses to hold elections would never do that.

Just stop. No more $$

8 minutes ago, SunnyinBangrak said:

Anyone even considering giving this guy a single cent needs their heads looking at. So, all his top lieutenants were caught in wholesale corruption of moneys given to fight the war - but not Zelensky, oh no, this ex actor that refuses to hold elections would never do that.

Just stop. No more $$

Putin thanks you.