Ukrainian President Volodymyr Zelenskyy has called on European Union leaders to take immediate action to use Russia’s frozen assets to support Ukraine’s defense efforts against Moscow’s ongoing invasion.
Speaking in Brussels on Thursday, Zelenskyy delivered a strong appeal during the EU leaders’ summit, insisting that the time for hesitation was over.
“The time to act on Russian assets is now,” Zelenskyy declared. “Anyone who delays this decision is not only limiting our defense but also slowing down your own progress.”
He urged EU member states to approve the use of frozen Russian funds to bolster Ukraine’s military capabilities and help sustain its resistance against President Vladimir Putin’s forces.
Zelenskyy assured European leaders that Ukraine would use much of the funding to purchase European weapons, reinforcing both Ukraine’s defense and the continent’s security industry.
EU leaders are currently debating a plan to fund a large-scale loan for Ukraine using frozen Russian central bank assets as collateral. These assets were seized soon after Russia launched its full-scale invasion in 2022.
The European Commission has proposed an interest-free loan package worth up to €140 billion, which would be backed by Russia’s frozen reserves.
If approved, the initiative would represent one of the most ambitious financial responses by the EU since the war began.
However, discussions in Brussels have stalled over legal and financial guarantees, particularly from Belgium, which hosts most of the frozen Russian funds.
Belgian Prime Minister Bart De Wever warned that his government would oppose the loan proposal without clear assurances that the financial risks would be shared across all EU member states.
“If you want to do this, we will have to do this all together,” De Wever told reporters before the summit. “We want guarantees if the money has to be paid back that every member state will chip in. The consequences cannot only be for Belgium.”
Belgium currently holds about €183 billion in Russian central bank assets through Euroclear in Brussels, representing roughly 86 percent of all Russian state assets within the EU and two-thirds of the global total.
To secure Belgium’s approval, EU leaders are expected to include a clause on “burden sharing and coordination with G7 partners,” according to a draft document obtained by The Daily National News.
Around one-third of Russia’s frozen assets are located outside the EU, including €28 billion in Japan, €27 billion in the United Kingdom, €15 billion in Canada, and €4 billion in the United States.
While the UK and Canada are expected to join the EU’s efforts to repurpose the funds, European officials are less optimistic about full US participation.
The Kremlin has fiercely condemned the proposal, labeling it an act of “theft” and vowing to pursue legal action against any nation or institution involved in using Russian state funds.
Moscow’s foreign ministry said that any attempt to seize or repurpose Russian money would “undermine international law” and could provoke retaliatory measures.
Even if Belgium gives the green light, EU officials warn that it could take weeks or months to finalize the legal framework for the reparations loan.
The plan requires unanimous support among EU member states to keep Russian assets frozen long term, a challenge given Hungary’s close ties to Moscow.
Hungarian Prime Minister Viktor Orbán, known for his pro-Russian stance, skipped the summit discussions on Ukraine to attend events commemorating Hungary’s 1956 revolution.
As has often been the case, EU leaders are expected to move forward with a joint statement on Ukraine without Hungary’s formal endorsement.
Earlier Thursday, the EU also approved its 19th sanctions package against Russia, targeting the liquefied natural gas sector for the first time.
The new measures came shortly after the United States imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, marking the first restrictive actions taken by the Trump administration since returning to office.
EU officials said the sanctions and loan proposal together represent a dual approach to weaken Moscow’s war capacity while reinforcing Ukraine’s ability to defend itself.
Zelenskyy closed his address to EU leaders with a renewed plea for unity and urgency. “We cannot wait any longer,” he said. “Every day of delay costs lives. Using these assets is not only justice for Ukraine but a defense of Europe’s future.”
