Brussels: European Commission President Ursula von der Leyen emphasized the urgency of securing funding for Ukraine during the European Council summit in Brussels, describing the moment as "very decisive" for achieving peace in Ukraine through strength. She expressed the necessity of concluding the summit with a solution for Ukraine's funding needs, highlighting that Ukraine requires secure and guaranteed funding for the years 2026 and 2027.
According to Kuwait News Agency, von der Leyen stated that the European Council had previously committed to addressing Ukraine's funding gap, estimated at 137 billion euros by both the European Union and the International Monetary Fund. The EU has pledged to cover approximately 90 billion euros, which accounts for two-thirds of this amount. Von der Leyen proposed two potential funding mechanisms: borrowing against the EU budget and the Reparations Loan. Discussions on these proposals were set to intensify during the summit, with von der Leyen stressing the importance of securing funding for Ukraine by the day's end.
Belgian Prime Minister Bart De Wever, speaking at the European Commission headquarters, voiced concerns over the EU's plan to use Russian assets for Ukraine's benefit, labeling the guarantees as "insufficient." De Wever emphasized that Belgium would not agree to a solution that places the risks and responsibilities solely on them, expressing hope for a satisfactory proposal during the summit. EU leaders are tasked with finding sustainable funding solutions for Ukraine amid ongoing conflict, with differing opinions on the use of frozen Russian assets.
While most EU member states support using frozen Russian assets to finance a Ukrainian loan, Belgium opposes this due to potential repercussions for Euroclear, a Belgian company holding most of the frozen assets. Last week, the EU agreed to indefinitely freeze 210 billion euros in Russian assets, aiming to gain Belgium's support for using these funds to provide Ukraine with a 165-billion-euro loan over two years. Meanwhile, a Russian court announced that the Russian central bank had filed a lawsuit seeking compensation of nearly 228.5 billion dollars from Euroclear.