EU leaders meet in Brussels on €210bn Ukraine funding from Russian assets
EU leaders convened in Brussels to decide on releasing €210bn (£184bn) from frozen Russian assets, held mostly at Euroclear in Belgium, to fund Ukraine's war efforts against Russia. The funds aim to prevent Ukraine's bankruptcy in early 2026, ensuring payments for soldiers, police, civil servants, and weapons purchases. Failure to approve would damage EU credibility and weaken its stance in potential peace talks, possibly emboldening Vladimir Putin. Recent EU summits approved €90 billion in support for 2026-27, including loans backed by EU budget guarantees rather than direct Russian asset use, addressing concerns from members like Belgium, Hungary, Czechia, and Slovakia. Russia opposes the plan, threatening legal action against Euroclear while EU argues the assets serve as reparations for war damages. The assets were frozen post-2022 invasion; EU ambassadors invoked Article 122 to keep them indefinitely frozen amid ongoing threats.
