EU Leaders Meet to Discuss Financial and Military Support for Kyiv

The European Union is undergoing a test of its credibility during a summit of its leaders held on Thursday in Brussels, where decisive and difficult decisions are expected regarding the use of frozen Russian assets to support Ukraine.

Europeans have pledged to provide the majority of financial and military support to Kyiv over the next two years, following the decision by U.S. President Donald Trump to halt U.S. support.

German Chancellor Friedrich Merz said earlier this week, "If we do not do this, the EU's ability to act will be severely affected for years, perhaps longer."

Ukrainian President Volodymyr Zelensky is heading to Brussels on Thursday to convince his European allies of the importance of this decision.

Ukraine faces the risk of running out of funds by the first quarter of 2026 if the decision is not made.

After nearly four years since the Russian attack on Ukraine began, Zelensky confirmed on Wednesday that Russia is preparing for a new year of war, despite the acceleration of talks based on Donald Trump's plan.

According to a White House official, a meeting between Russian and American envoys is scheduled for the end of this week in Miami, Florida.

"Europe's Autonomy"

However, no ceasefire agreement is in sight. In Brussels, two official options are presented to the leaders of the EU member states and governments.

The EU can borrow, but many countries are very hesitant about this option, including Germany, while at least one member state, Hungary, completely opposes it. Such a decision requires consensus.

The remaining option is to use the frozen Russian assets, most of which (210 billion euros) are in Belgium under the control of "Euroclear," a financial institution based in Brussels. These assets could finance a "reconstruction" loan of 90 billion euros to Kyiv, or even more if necessary.

A large majority of EU countries support this option for an obvious reason: this solution does not cost taxpayers anything, signals Europe's commitment to Ukraine, and sends a clear message about decision-making autonomy at a time when these assets are also a key issue in peace talks led by Washington.

European Commission President Ursula von der Leyen said before the European Parliament in Strasbourg, "Russian assets can be a game changer for Europe and Ukraine," adding, "This is Europe's moment of autonomy."

Convincing Belgium remains essential because it has a decisive say. Belgian Prime Minister Bart De Wever repeatedly reminds that his country cannot bear alone the consequences of any legal or financial retaliatory measures that Moscow might take.

De Wever reiterated this position on Thursday, saying, "If we jump, we all jump together," demanding guarantees from all other EU member states to share the risks.

"Permanent" Reactions

Bart De Wever fears Russian reactions that could be "permanent" and demands strong protection for his country's interests, including its interests inside Russia.

His partners consider this demand disproportionate and are willing to provide their guarantees for a loan granted to Ukraine, but they are not prepared to sign a "blank check," according to a European negotiator.

Complex protection mechanisms are being discussed and will continue until the start of the summit, aiming to facilitate reaching an agreement among EU leaders.

Ursula von der Leyen confirmed on Thursday before the Brussels summit that the 27 EU countries will not leave the summit without a financial solution for Ukraine.

This aligns with a position announced by a diplomatic source in recent hours confirming that "there will be financial support for Ukraine" in any case.

Von der Leyen expressed full support for Belgium's demands that all EU countries "share" the risks associated with the "reconstruction loan" that requires financing through the use of frozen Russian assets.

The decision to use the frozen Russian assets can be made by a qualified majority of member states, theoretically without Belgium and especially without Hungary, the European country closest to the Kremlin, which completely opposes this option.

Italian Prime Minister Giorgia Meloni said on Wednesday that "these are complex decisions and cannot be imposed."

According to a diplomat in Brussels, a transitional solution can be applied if no agreement is reached, because "Ukraine cannot wait." But no one yet knows exactly what this solution will be, according to another diplomat.

Therefore, negotiations are expected to be prolonged.

European Council President António Costa, who will chair the talks, has expressed his readiness to extend them as long as necessary to avoid summit failure. This is a possibility no one wants to consider after Trump's criticism of the "weakness" of European leaders.