The 27 leaders of the European Union are gathering in Brussels on Thursday to make a decision that could redefine the continent's security architecture: how to raise at least €90 billion to meet Ukraine's financial and military needs for 2026 and 2027.
With the United States pushing for a fast deal between Ukraine and Russia, diplomats and officials are framing today's summit as a make-or-break moment for Europeans to maximise their collective leverage and prove they still have skin in the game.
"We have to find a solution today," said Ursula von der Leyen. "We won't leave the European Council without a solution for the funding for Ukraine for the next two years."
Ukrainian President Volodymyr Zelenskyy, who attended the morning session, warned of painful sacrifices if leaders fail to agree on a new long-term package of assistance.
"I know that Russia is threatening different countries over this decision. But we shouldn't be scared of these threats – we should be scared that Europe will be weak," he said.
There are two main options on the table to reach the €90 billion figure.
The first is a groundbreaking proposal to channel the immobilised assets of the Russian Central Bank into a zero-interest reparations loan to Ukraine, which the country would only be asked to repay after Moscow compensates for the damage done by its invasion.
The second is common borrowing on the financial markets, as the Commission did on behalf of all member states during the COVID-19 pandemic.
The reparations loan is fiercely resisted by Belgium, the prime custodian of the Russian assets. Belgian Prime Minister Bart De Wever said he was open to "compromises" but insisted there could be no "flexibility" regarding his country's financial stability.
"I won't give up," De Wever said on Thursday morning.
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