Editor’s note: This is a developing story and is being updated.
President Volodymyr Zelensky arrived in Brussels on Dec. 18 to attend a summit of European Union leaders, with a major funding package for Kyiv at the top of the agenda.
Zelensky will speak at a meeting of the European Council at 11 a.m. local time, meet European leaders and hold a press conference at about 1:45 p.m., Zelensky’s spokesperson Serhii Nykyforov said.
During the two-day summit on Dec. 18–19, European leaders are expected to decide whether to proceed with a “reparations loan,” a plan to lend up to 210 billion euros ($250 billion) backed by frozen Russian assets to Ukraine. Without additional financing, Kyiv will likely run out of cash by spring next year.
Belgian Prime Minister Bart de Wever has expressed opposition to the plan, citing legal and financial risks. Belgium is home to Euroclear, the financial institution that holds most of the frozen assets.
Speaking on the morning of Dec. 18, De Wever said he was open to “compromises” but emphasized he cannot accept steps that would jeopardize Belgium’s financial security.
Other European leaders have sought to sway De Wever’s position, proposing additional guarantees for Belgium while emphasizing the ramifications of failing to reach a consensus.
German Chancellor Friedrich Merz said on Dec. 15 that, if the reparations loan fails, "the European Union’s ability to act will be severely damaged for years, if not for much longer."
“Now we have a simple choice: either money today, or blood tomorrow,” Polish Prime Minister Donald Tusk said ahead of the summit. “I’m not talking about Ukraine only, I’m talking about Europe.”
Zelensky noted that Ukraine requires the funds not only for reconstruction but also to maintain its defense capabilities.
“I will speak with all leaders, present our arguments, and I very much hope we can get a positive decision,” the president told journalists en route to Brussels. “Without it, Ukraine will face serious problems.”
If Ukraine does not receive the funds, Russian President Vladimir Putin will be emboldened to continue the war and “will not seek diplomacy or dialogue at all,” Zelensky warned.
EU leaders will discuss two options for long-term financing for Kyiv: the reparations loan and budget borrowing. Kaja Kallas, the bloc’s top diplomat, estimated the chances of a consensus on the reparations loan as “50/50.”
“We will never leave this Council without a final solution,” European Council President Antonia Costa vowed.
Joining the push, a bipartisan group of U.S. lawmakers appealed to Belgium to seek an agreement with the European Commission to unlock the funds.
“Leveraging these assets could enable Ukraine to purchase critical defensive systems, including through the Prioritized Ukraine Requirements List (PURL) initiative, and help Ukraine manage a looming fiscal shortfall,” read a letter addressed to Belgium’s ambassador in the U.S., Frederic Bernard, and dated Dec. 16.
“Providing additional financial support is of paramount importance for the sake of Ukraine, for a Europe that is whole and free, and one day at peace — and for the defense of democracy everywhere,” said the paper obtained by the Kyiv Independent.
Other EU members, including Italy, Malta, and Bulgaria, joined Belgium in voicing reservations about the reparations loan and called for alternative solutions.
Hungarian Prime Minister Viktor Orban, broadly seen as the most Kremlin-friendly EU leader, has staunchly opposed the plan, calling using Russian assets to fund Ukraine a “declaration of war.”
In turn, Andrej Babis, Czechia’s new prime minister, said he does not oppose using Russian assets to fund Ukraine but ruled out providing guarantees that would burden the national budget.
Read also: Ukraine warns of ‘catastrophe for every single European’ if Russian frozen asset plan fails
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