Ukrainian President Volodymyr Zelensky urged European Union leaders to unlock billions in frozen Russian assets, warning that hesitation could undermine Ukraine’s defenses and Europe’s long‑term security. His appeal came as EU heads of state opened tense talks in Brussels over whether to repurpose Russian sovereign funds immobilized since the 2022 invasion.
The EU is considering a plan to use proceeds from roughly €200–210 billion in frozen Russian central bank assets—most held at Euroclear in Belgium—to support Ukraine’s military and economic needs. Kyiv faces a widening funding shortfall as the war nears its fourth year, with European officials estimating Ukraine will require more than €135 billion over the next two years.
Zelensky has repeatedly argued that the assets represent a lawful and necessary source of support for a country fighting for survival. He warned that delays could embolden Moscow and deepen the strain on Ukraine’s front‑line forces.
The summit opened with unusually blunt language from several leaders. Polish Prime Minister Donald Tusk said Europe faced a choice between “money today or blood tomorrow,” insisting that failing to sustain Ukraine would eventually put European nations at risk. He said the debate was not only about Ukraine but about Europe’s own security.
Germany signaled support for the plan, saying it would increase pressure on Russian President Vladimir Putin and demonstrate that Europe remains united. But the proposal has divided the bloc, with some governments warning of legal and financial risks if Russian sovereign funds are redirected without Moscow’s consent.
Russia has condemned the EU’s intentions, calling the plan theft and threatening legal action. The Russian Central Bank has already filed suit against Euroclear, arguing that any attempt to use the frozen assets violates international financial norms. Moscow has warned that retaliatory measures could follow.
EU officials say the assets would not be seized outright but immobilized indefinitely, allowing the bloc to use the interest generated to back loans for Ukraine. The approach is designed to avoid direct confiscation while still providing Kyiv with urgently needed resources. EU governments recently agreed to extend the freeze indefinitely.
The debate comes at a critical moment for Ukraine, which faces ammunition shortages, infrastructure damage, and mounting pressure along the front lines. Zelensky has argued that Europe’s credibility is at stake, saying the continent must show it can defend its partners without relying solely on U.S. support.
The summit also includes discussions on new sanctions targeting Russia’s “shadow fleet” of oil tankers and a potential ban on Russian liquefied natural gas imports. Leaders say the measures aim to close loopholes that have allowed Moscow to continue financing its war effort.
As negotiations continue, diplomats say the outcome will signal whether Europe is prepared to take more assertive financial steps to support Ukraine. For Zelensky, unlocking the frozen assets is not only about sustaining Ukraine’s resistance but about preventing a wider crisis that could eventually reach Europe’s borders.
