In a critical appeal to European Union leaders, Ukrainian President Volodymyr Zelenskyy has called for the immediate unlocking of approximately €210 billion in frozen Russian assets to fund Ukraine’s war effort. Speaking ahead of a pivotal EU summit in Brussels, Zelenskyy argued that such decisive financial action is essential to demonstrate to Moscow that its ambition to continue the war into next year is futile. This plea comes amid heightened urgency, as analysts warn that without substantial new aid, Ukraine could face financial collapse by the second quarter of 2025, potentially leading to a Russian victory—a scenario the EU fears would bring the threat of further aggression closer to its borders.
The EU’s proposed plan involves using these frozen Russian central bank assets, largely held in Belgium’s Euroclear depository, as collateral for a massive loan to support Ukraine over the next two years. However, the initiative faces significant political and legal hurdles. Belgium, concerned about potential liability from future Russian lawsuits in international courts, is demanding unconditional financial guarantees from other EU member states to cover any awarded damages. This resistance has created a stalemate, with few willing to force the issue through a majority vote—a move considered a „nuclear option”—due to the complex legal implications and the need for unity.
Parallel to these European discussions, U.S.-led diplomatic efforts to broker an end to the conflict continue, with negotiations set to resume in Miami. Despite reported progress on security guarantees for Ukraine, fundamental disagreements persist, particularly over the territorial concessions Kyiv might have to make. Russian President Vladimir Putin remains defiant, reiterating Moscow’s commitment to achieving its war objectives, including annexing claimed territories, and dismissing Western preparations for a prolonged confrontation as „hysteria and a lie.”
The backdrop to these high-stakes financial and diplomatic maneuvers is an intensifying military conflict. In a stark reminder of the war’s reach, Ukrainian drone strikes hit Russia’s southern Rostov region overnight, killing three people, including two crew members on a cargo ship and a civilian, and damaging port infrastructure. These deep-strike attacks underscore the ongoing, brutal exchange as both sides seek leverage, with Ukraine aiming to pressure Russia economically and militarily while securing the sustained Western support it needs to survive. The outcome of the EU summit is now seen as a crucial test of Europe’s resolve and credibility in supporting Ukraine against Russian aggression.
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