Belgium was under increasing pressure at a summit of EU leaders in Brussels to back plans to provide Ukraine with billions of euros using frozen Russian assets to cover Kiev’s economic and military needs for years to come.
Polish Prime Minister Donald Tusk has warned of serious consequences if no solution is found before the current funding schemes for Ukraine dry up.
“We have a simple choice: Either money sooner or later blood,” Tusk said as he arrived at the EU summit on Thursday.
“I’m not talking about Ukraine only. I’m talking about Europe. This is our decision to make and ours alone,” he said.
The European Commission proposed to provide Ukraine with up to €210 billion ($246 billion) in Russian assets immobilized in the EU as a reparation loan, of which €90 billion is intended to cover financial and military needs in 2026 and 2027.
Kiev will have to repay the loan only if Russia makes reparations after the war — an outcome that few see President Vladimir Putin agreeing to.
Belgium, where the largest share of assets are held and around €185 billion are held by the Brussels-based firm Euroclear, opposes the plan, citing legal and financial risks.
“I think all European leaders should finally rise to the occasion,” said Tusk.
While addressing the Belgian parliament, Belgian Prime Minister Bart De Wever reiterated his concerns on Thursday morning.
Belgium’s government fears that Moscow could retaliate against European citizens and private companies, for example through expropriations in Russia, and has been calling for safeguards.
De Wever has been requesting legally binding and unconditional guarantees from other EU countries covering the full sum of the loan as well as protection from any potential claims for damages.
The loan could, in theory, be approved without Belgium’s support, as it only requires a qualified majority — at least 15 of the 27 EU member states representing 65% of the bloc’s population.
While it is widely seen as unlikely that other EU countries will move to take over Belgium, impatience is growing among some leaders.
Belgium is “in a very sensitive place,” said Latvian Prime Minister Evika Siliņa, “but this is also a matter of political will, not just legal aspects.”
“In any political decision, there are always legal aspects. But we are politicians, we are the ones making the rules too.”
Joint EU debt as ‘Plan B’ lacks unanimous support
De Wever has been advocating for the EU to take on joint debt to finance Ukraine — a move that would require unanimous support from all 27 member states under EU rules.
German Chancellor Friedrich Merz, a vocal proponent of reparations loans, rejected the idea of a joint EU loan.
“We are essentially faced with a choice of using European debt or Russian assets for Ukraine. And my opinion is clear: we have to use Russian assets,” said Merz.
“I don’t see any better option than precisely this. My impression is that we can reach an agreement. I understand the concerns of some member states, especially the Belgian government, but I hope we can solve them together.”
Hungarian Prime Minister Viktor Orbán said that he opposes any form of financial aid to Ukraine.
Long negotiations are expected
Negotiations on financial support for Ukraine are expected to end in overtime with EU leaders likely to remain in the Belgian capital until Friday.
The President of the European Commission Ursula von der Leyen and the President of the European Council Antonio Costa are insisting that a solution be found at the summit in Brussels.
“We have to find a solution,” said von der Leyen.
Costa, who chairs the summit, said the meeting will not end “without a final decision to secure Ukraine’s financial needs for 2026 and 2027.”