EU leaders are gathering in Brussels today for a high-stakes end-of-year summit, with Ukraine's future and Europe's credibility hanging in the balance.
At the centre of the talks is a controversial proposal to use frozen Russian central bank assets to help fund Ukraine's defence as the war drags towards its fourth year. The European Commission estimates Kyiv will need an additional €135bn over the next two years, with a funding gap opening as early as April.
Donald Tusk: "Money today, or blood tomorrow"
Poland's prime minister, Donald Tusk, summed up the urgency in blunt terms: "We have a simple choice: either money today, or blood tomorrow." German chancellor Friedrich Merz backed the plan, saying it would increase pressure on Vladimir Putin and send a clear signal to Moscow.
The proposal would tap around €210bn in Russian assets frozen inside the EU, most of them held in Belgium. But the idea has split the bloc. Belgium, along with Bulgaria, the Czech Republic, Italy, Malta and Slovakia, has raised legal and financial concerns, warning the move could set a risky precedent.
The political resistance is strong
While opponents may lack the numbers to formally block the plan under EU voting rules, the political resistance is strong. An alternative option (issuing joint EU debt) appears dead on arrival, as it would require unanimity and face a veto from Hungary, which has ruled out further support for Ukraine.
European officials say talks will continue for as long as necessary. European Commission president Ursula von der Leyen has vowed not to leave Brussels without a deal, while Slovakia's prime minister, Robert Fico, has warned he will not be swayed.
Ukrainian president Volodymyr Zelensky is expected to join the summit in a last-ditch effort to convince sceptical leaders, as the EU grapples with a decision that could shape both the war's next phase and Europe's role in it.
Viktor Orbán: "EU marching into the war"
Some voices, however, have been far more blunt in their opposition. Hungary's prime minister, Viktor Orbán (the EU's chief opponent of sending any further money to Ukraine) dismissed the plan outright on Thursday, calling the idea of using frozen Russian assets "stupid" and warning it would amount to "marching into the war."
"There are two countries which are at war (Russia and Ukraine) and it's not the European Union," Orbán told reporters in Brussels. "The European Union would like to take away the money of one of the warring parties and then give it to another one. It's marching into the war."
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