Ukraine’s President Volodymyr Zelensky has issued a strong warning to European Union leaders, saying Ukraine urgently needs access to billions of euros from frozen Russian assets or it may struggle to sustain its war effort within months.
Speaking in Brussels as EU leaders met for high-stakes talks, Zelensky said Ukraine could run out of money by spring if no agreement is reached. He warned that this would force Kyiv to cut back on key military production, including drones that play a crucial role on the battlefield.
At the centre of the debate is around €210bn in Russian state assets frozen inside the EU, most of which are held by Belgium-based financial firm Euroclear. The European Commission has proposed using part of that money to give Ukraine a €90bn loan over the next two years to support both its military and its economy.
So far, the EU has only passed on the interest earned from the frozen funds, not the assets themselves. Some countries, including Belgium and Hungary, have raised legal and financial concerns, arguing that using the money could set a dangerous precedent or expose them to lawsuits.
Russia has strongly opposed the move and has already filed a case in a Moscow court to recover the assets. Despite this, several EU leaders say the risks must be taken. Polish Prime Minister Donald Tusk said Europe must “rise to the occasion,” while European Commission President Ursula von der Leyen insisted the summit must end with a solution.
Belgium’s Prime Minister Bart De Wever acknowledged the danger but said Belgium would act if the entire EU moved together, comparing the decision to “jumping into the abyss and hoping the parachute holds.”
The talks come at a critical moment in the war. Meanwhile, US President Donald Trump said a peace deal could be closer than ever, with US and Russian officials expected to meet in Miami this weekend. Ukrainian officials are also travelling to the US, with Zelensky stressing that the funds are essential whether the war continues or shifts toward reconstruction.
Not all EU states are convinced. Hungary’s Prime Minister Viktor Orban has vowed to block further EU financial support for Ukraine, while Slovakia and Italy have also raised concerns about whether the funds would be used for weapons or rebuilding.
For the plan to pass, it must be backed by at least 15 EU countries representing 65% of the EU population. EU leaders say they are working intensively to address Belgium’s legal worries and avoid internal division.
Supporters of the loan argue that using Russia’s frozen money would send a powerful message to Moscow and strengthen Ukraine’s position both on the battlefield and in any peace negotiations ahead.
