EU Leaders Meet in Crucial Talks on Financial Aid for Ukraine

EU leaders are meeting in Brussels today, Thursday, aiming to agree on how to finance Ukraine's economic and military needs in the coming years.

The most controversial funding model involves making frozen Russian state assets under EU sanctions available to Ukraine in the form of a "loan," which Kyiv would only have to repay if Russia provides compensation after the war.

The European Commission has proposed providing Ukraine with 90 billion euros ($105.4 billion) in installments to cover financial and military needs in 2026 and 2027, in addition to another 45 billion euros to repay other loans granted to Kyiv in previous years.

Belgium, which holds about 185 billion euros of the total 210 billion euros of frozen Russian assets in the EU, opposes this plan, citing legal and financial risks. The Belgian government is particularly concerned that Moscow might retaliate against European individuals and companies, for example by seizing their assets in Russia, and is demanding protective guarantees.

Belgian Prime Minister Bart De Wever is calling for legally binding and unconditional guarantees from other EU countries covering the full loan amount, as well as protection from any potential compensation claims for damages.

Approving the loan requires a so-called "qualified majority," meaning the approval of at least 15 out of 27 EU member states representing 65% of the bloc's population. However, it is unlikely that other EU countries would want to override Belgium by voting against it.

Negotiations are expected to extend into extra time, with EU leaders likely to remain in the Belgian capital until Friday. Ukrainian President Volodymyr Zelensky also intends to join the summit as a guest.