European Union leaders have begun a critical two-day summit in Brussels to decide whether to loan tens of billions of euros from frozen Russian assets to fund Ukraine’s military and economic needs.
With Ukraine’s finances projected to run dry within months, the decision is urgent. The bulk of the immobilized Russian funds—approximately €210 billion—is held by the Belgium-based financial institution Euroclear.
However, Belgium and several other EU members have voiced opposition to using the cash, leaving the outcome uncertain. One European official described the mood as “cautiously optimistic, not overly optimistic.”
The summit occurs at a pivotal geopolitical moment. US President Donald Trump has stated a deal to end the war is “closer now than we have been ever.” US and Russian officials, including special envoys and Trump’s son-in-law Jared Kushner, are scheduled to meet in Miami this weekend for further peace talks.
Meanwhile, Russia has warned the EU against appropriating its assets and has filed a lawsuit against Euroclear in a Moscow court to reclaim the funds.
In a sign of escalating rhetoric, President Vladimir Putin on Wednesday derided Europe as being in a state of “total degradation” and referred to Ukraine’s allies as “European piglets” hoping to profit from Russia’s collapse.
The Kremlin has also stressed that any European-led multinational force for Ukraine supported by the US would be unacceptable.
By James Kisoo
