Zelenskyy Urges EU to Unlock Russian Assets for Ukraine's Defense Amid Ongoing Conflict

Ukrainian President Volodymyr Zelenskyy has made a compelling appeal to European Union leaders in Brussels, urging them to expedite the use of Russia’s frozen assets to bolster Ukraine's defense against ongoing aggression from President Vladimir Putin. During a summit on Thursday, Zelenskyy emphasized the urgency of this issue, stating that any delay in action not only hampers Ukraine’s defense capabilities but also hinders progress for the EU itself. He conveyed his commitment to supporting European economies by purchasing arms, asserting, "The time to act on Russian assets is now and I urge for your full support." The summit discussions revolve around the potential funding of a reparations loan for Ukraine, which would be secured by Russian central bank assets that were frozen shortly after the invasion began. The European Commission has proposed a loan of €140 billion that is interest-free, contingent upon EU leaders’ agreement to proceed with a detailed legal framework by the year’s end. However, the Kremlin has condemned this initiative, labeling it as theft and vowing to seek reparation from any involved state or individual. Central to this debate is Belgium, which holds a significant portion of the seized assets, around €183 billion. Belgian Prime Minister Bart De Wever has indicated opposition to the plan unless there are assurances that the entire EU will share the financial burden in the event that Russia demands repayment. "If you want to do this, we will have to do it all together. We want guarantees that every member state will chip in," he warned. To secure Belgium’s support, EU leaders may need to agree on a framework that includes burden-sharing commitments and coordination with G7 allies. Currently, approximately one-third of Russian state assets are under the jurisdiction of countries outside the EU, including Japan, the UK, Canada, and the US. While the UK and Canada are expected to follow EU measures, there is less optimism about the US's involvement, given its minimal holding of Russian assets. Persistent complications linger over the reparations loan plan, primarily concerning the necessary unanimity among EU nations to maintain the freeze on Russian assets. Hungary, under the leadership of Prime Minister Viktor Orbán, has continually shown a pro-Russian stance, which raises concerns over its support for sanctions. In a notable absence, Orbán chose to commemorate the 1956 Hungarian revolution in Budapest instead of engaging in discussions about Ukraine. Consequently, the EU is likely to proceed with a resolution on Ukraine without Hungary's backing. In a proactive move, the EU has also adopted its 19th package of sanctions against Russia, focusing on liquefied natural gas for the first time, in response to new US sanctions targeting major Russian oil corporations. Despite the challenges in finalizing the reparations loan, EU leaders expressed optimism about an agreement. European Council President António Costa mentioned that the political decision to meet Ukraine's financial needs for 2026 to 2027 is essential, with only technical aspects remaining to be negotiated. Latvia's Prime Minister Evika Siliņa underscored that securing this loan would reinforce Zelenskyy’s position in any forthcoming peace discussions with Putin. Irish Taoiseach Micheál Martin conveyed strong support for the initiative, arguing that it would establish a precedent whereby nations cannot annihilate others and expect the international community to solely handle reconstruction costs. Furthermore, Zelenskyy has also expressed hope regarding potential long-range missile support from the US, highlighting the importance of energy sanctions against Russia. He dismissed speculation surrounding a recent peace proposal as efforts by well-meaning allies attempting to preempt Russia’s agenda. In closing, he reiterated that increased pressure on Russia is imperative for any progress in diplomatic discussions: "More pressure on Russia and they will sit and speak, and I think this is the plan." Related Sources: • Source 1 • Source 2