European leaders are set to convene a meeting on Thursday for a make-or-break summit on utilising frozen Russian assets for Ukraine, amid pressure on Belgium and Hungary to drop their opposition.
The 27-nation bloc is trying to strengthen the Kyiv regime by utilising approximately $400 billion of Russia’s frozen assets, most of which are held in Europe. Officials in the bloc have argued that Negotiations will continue as long as it takes to hammer out an agreement.
German Chancellor Friedrich Merz, who has apparently adopted a more anti-Russian stance, has strongly pushed the bloc for the use of the Russian funds to defend Ukraine in the ongoing war. "We will show the world that we are incapable of standing together and acting at such a crucial moment in our history,” he said.
The bloc estimates that Kyiv needs approximately $160 billion to stay afloat over the next two years, amid the severe cash crunch, which is set to start in April 2026.
Belgium, which holds the majority of these funds, has remained in firm opposition to the idea of using Russian frozen funds, fearing crippling financial and legal reprisals from Moscow. Moscow has already vowed to take Euroclear to the international court over the utilisation of its frozen funds.
Belgium's Prime Minister Bart De Wever will be in the spotlight as his EU counterparts -- most of whom back the plan -- try to cajole him to accept. But so far Flemish nationalist De Wever has only dug in further, insisting that any guarantees must be unlimited and assets frozen in other countries should be used too.
Meanwhile, the Negotiations between the US-Ukraine and its western backers have once again ended without any possible ceasefire plan, and the war still drags on.
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