European Union leaders are convening in Brussels for a high-stakes summit to decide whether to channel tens of billions of euros from frozen Russian assets to support Ukraine’s military and economic needs.
Most of Russia’s €210 billion (£185bn; $245bn) in EU-held assets are managed by Belgium-based Euroclear. However, Belgium and several other EU members have expressed opposition to using these funds, complicating efforts to reach an agreement.
Without additional financing, Ukraine’s government warns its funds could be depleted within months. A European official described the atmosphere as “cautiously optimistic, not overly optimistic” regarding a potential deal. Meanwhile, Russia has filed a lawsuit against Euroclear in Moscow to reclaim the assets.
The summit occurs at a critical juncture in the ongoing war, and attention is focused on Belgian Prime Minister Bart De Wever, who told parliament on Thursday: “I haven’t yet seen any text that would persuade me to change Belgium’s position.”
US President Donald Trump indicated that a deal to end the conflict could be closer than ever. Talks between US and Russian officials are scheduled in Miami this weekend, involving Kremlin envoy Kirill Dmitriev and Trump envoys Steve Witkoff and Jared Kushner, with Ukrainian representatives also expected to attend.
Russia has yet to respond to the latest peace proposals, but the Kremlin has made clear that plans for a European-led multinational force in Ukraine, backed by the US, are unacceptable.
On Wednesday, President Vladimir Putin criticized Europe, describing it as being in “total degradation” and mocking Ukraine’s Western allies as “European piglets” seeking to benefit from Russia’s difficulties.
