In a critical appeal to European Union leaders, Ukrainian President Volodymyr Zelenskyy has urged the swift unlocking of approximately €210 billion in frozen Russian assets to demonstrate that Moscow’s ambition to continue the war into next year is “pointless.” This plea comes amid escalating military actions, including a recent Ukrainian drone attack on Russia’s Rostov region that resulted in three civilian deaths and significant damage, underscoring the ongoing intensity of the conflict. The EU summit in Brussels is seen as a pivotal test of Europe’s resolve, especially as U.S. President Donald Trump criticizes the continent’s perceived weakness and pushes for a rapid peace deal. Without substantial financial aid, Ukraine risks depleting its resources by the second quarter of next year, potentially leading to a Russian victory—a scenario the EU fears could embolden further aggression.
The proposal to utilize frozen Russian assets as collateral for a loan to support Ukraine faces significant hurdles, primarily from Belgium, which hosts the Euroclear depository holding €185 billion of the frozen funds. Belgian Prime Minister Bart De Wever demands a “blank cheque” from other EU nations to cover potential legal liabilities, as Russia could seek substantial damages in international courts. While the EU could theoretically override Belgium with a weighted majority, such a move is considered a “nuclear option” unlikely to gain traction, with Italian Premier Giorgia Meloni emphasizing that “these are complex decisions that cannot be forced.” An alternative EU-led funding plan has been shelved due to the need for unanimous approval, which is blocked by Russia-friendly Hungary, leaving the initiative in a precarious state.
Parallel to these financial discussions, U.S.-led efforts to negotiate an end to the war continue, with officials set to meet Russian negotiators in Miami to discuss Trump’s peace plan. However, significant disagreements persist, particularly over territorial concessions and security guarantees for Kyiv. Russian President Vladimir Putin remains defiant, asserting that Moscow will “certainly” achieve its war objectives, including seizing claimed territories, while dismissing Western preparations for conflict as “hysteria and a lie.” As diplomatic and financial maneuvers unfold, the outcome of the EU summit could profoundly impact Ukraine’s ability to sustain its defense and shape the broader geopolitical landscape.
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