Brussels, December 18, 2025: Ukrainian President Volodymyr Zelensky has called on European Union leaders at a critical summit to approve a multi-billion-euro loan sourced from frozen Russian assets to fund Ukraine’s military and economic needs, warning that without urgent financial support, Kyiv could be forced to scale back key defense production.
Ukraine is reportedly only months away from running out of cash, and Zelensky stressed that without the injection by spring, the country “will have to reduce production of drones.” Most of Russia’s €210 billion in EU-held assets are managed by the Belgium-based Euroclear system. Until now, Belgium and some other EU states opposed using the funds as a “reparations loan,” amid warnings from Moscow.
Polish Prime Minister Donald Tusk urged EU members to “rise to this occasion,” while European Commission chief Ursula von der Leyen said the summit would not conclude without a solution. Belgian Prime Minister Bart De Wever, however, expressed caution, noting the need for shared consensus to manage potential risks.
The Brussels summit comes as Russia has filed a lawsuit in Moscow against Euroclear, seeking the return of its frozen funds. Meanwhile, US President Donald Trump indicated that a deal to end the war was “closer than ever,” with US-Russia talks scheduled in Miami this weekend, involving Kremlin envoy Kirill Dmitriev and US officials Steve Witkoff and Jared Kushner. Ukrainian officials are also heading to the US for discussions.
Zelensky, speaking from Brussels, argued the loan was “moral, fair and legal,” based on expert analysis. He said the funding would either support Ukraine’s army if the war continues or be directed entirely toward post-war recovery.
The European Commission has proposed lending Kyiv approximately €90 billion over the next two years, drawn from the €210 billion of Russian assets held in Europe — covering roughly two-thirds of Ukraine’s projected financial needs for 2026–2027. Until now, the EU had only used interest generated by the frozen assets for Ukraine.
Supporters of the proposal argue the move will strengthen Ukraine’s negotiating position and increase the costs of war for Russia. Alternatives on the table include an EU borrowing scheme backed by the EU budget, though this requires unanimous approval, with Hungary’s Viktor Orban opposing further EU financial support for Kyiv.
Legal and political concerns remain, particularly in Belgium, which could face court challenges over the use of the frozen funds. Other hesitant member states include Slovakia, Malta, Bulgaria and the Czech Republic, while Italy has indicated conditional support if the legal basis is solid.
The outcome of the vote will require approval from at least 15 EU member states representing 65% of the EU population. EU officials emphasize that any disbursement would be structured so that Russia could only reclaim funds by paying reparations to Ukraine, at which point Ukraine would repay the EU.
“This is a crunch time for Ukraine to keep fighting for the next year,” a Finnish official said. “While peace negotiations continue, this gives Ukraine leverage to demonstrate it has the funds to continue defending itself.”
German Chancellor Friedrich Merz has also advocated using the assets, describing it as a clear signal to Moscow that continuing the war is futile, while Ursula von der Leyen highlighted the urgency and historic significance of the potential decision for both Ukraine and Europe.
