Ukrainian President Volodymyr Zelensky is pushing the European Union to tap into frozen Russian assets to support Ukraine’s war efforts, emphasizing that it’s crucial for the EU to show Russia that continuing the war is pointless. The EU has frozen approximately €210 billion ($245 billion) of Russian sovereign assets, with most held in Belgium’s Euroclear. Zelensky’s appeal comes as EU leaders gather for a crunch summit to decide on using these assets to secure a massive loan for Ukraine, estimated to be around €90 billion ($106 billion).
The proposal faces resistance from some EU member states, particularly Belgium, which fears potential legal and financial repercussions from Russia. Belgian Prime Minister Bart De Wever has expressed concerns about the lack of guarantees protecting Belgium from Russian retaliation. Despite these challenges, EU leaders are determined to find a solution, with European Commission President Ursula von der Leyen vowing not to leave the summit without an agreement.
The decision is critical, as Ukraine’s finances are expected to run dry by the second quarter of 2026, potentially jeopardizing its defense against Russia. EU leaders are weighing the options, with some advocating for joint EU borrowing or a “reparations loan” secured against Russia’s frozen assets. The outcome will have significant implications for Europe’s stance on the war and its support for Ukraine.
