EU leaders are meeting to decide on a huge loan for Ukraine, using frozen Russian money as the source. The proposal involves lending Kyiv tens of billions from the roughly 210 billion euros in Russian assets held in Europe, mostly at Belgium's Euroclear. Without this cash infusion, Ukraine's funds could run out soon.
The Belgian Prime Minister remains a key holdout, stating he hasn't seen a proposal that changes his country's opposition. Hungary's leader is also firmly against the plan, which requires a qualified majority to pass. Other nations like Italy want absolute legal certainty, worried a shaky case would hand Russia a victory. Supporters argue the move is crucial to sustain Ukraine's defense and economic stability, providing leverage in any peace talks.
Officials are trying to address Belgian concerns over potential legal repercussions, including guarantees against future court orders to return the funds. The EU's top executive has emphasized the urgency, framing the decision as a way to increase the cost of the war for Moscow. The outcome of this summit hinges on convincing enough skeptical member states to back the unprecedented financial move.
The Belgian Prime Minister remains a key holdout, stating he hasn't seen a proposal that changes his country's opposition. Hungary's leader is also firmly against the plan, which requires a qualified majority to pass. Other nations like Italy want absolute legal certainty, worried a shaky case would hand Russia a victory. Supporters argue the move is crucial to sustain Ukraine's defense and economic stability, providing leverage in any peace talks.
Officials are trying to address Belgian concerns over potential legal repercussions, including guarantees against future court orders to return the funds. The EU's top executive has emphasized the urgency, framing the decision as a way to increase the cost of the war for Moscow. The outcome of this summit hinges on convincing enough skeptical member states to back the unprecedented financial move.
