Use of frozen Russian assets at heart of EU summit in Brussels on Thursday
Facing the United States, the European Union (EU) is playing part of its credibility during a summit of its leaders on Thursday in Brussels, where crucial and difficult decisions are expected on the use of frozen Russian assets to help Ukraine.
The Europeans have committed to providing, over the next two years, most of the financial and military support to kyiv, after Donald Trump turns off the American tap. And if there is no decision, Ukraine will run out of money by the first quarter of 2026.
“If we fail to do this, the European Union’s capacity for action will be seriously compromised for years, and even longer”warned German Chancellor Friedrich Merz at the start of the week.
Ukrainian President Volodymyr Zelensky will travel to Brussels to convince his European allies of the importance of this decision, after nearly four years of war.
Two options are officially on the table. The EU could borrow, but several countries are very reluctant to do so, including Germany, and at least one member state, Hungary, is completely opposed to it. However, such a decision requires unanimity.
This then leaves recourse to frozen Russian assets, the bulk of which, 210 billion euros, is in Belgium, under the control of the company Euroclear, a financial institution based in Brussels. These assets would make it possible to finance a “repair loan” in favor of kyiv of 90 billion euros, or even more if necessary.
A very large majority of EU countries are in favor. And for good reason: this solution costs the taxpayer nothing, it sends a strong signal of European commitment to Ukraine and a clear message of independence at a time when these assets are also an issue in the peace talks led by Washington.
Russian assets “can be a game changer for Europe and Ukraine”insisted the President of the European Commission, Ursula von der Leyen, in front of the European Parliament in Strasbourg. It is “the moment of European independence”she insisted.
We still have to convince Belgium, which holds the key to the safe. Its Prime Minister, Bart De Wever, constantly reminds us: there is no question that his country will be the only one to pay the price in the event of legal and financial reprisals from Moscow.
