European Leaders Face Off Over Whether to Unlock Russian Frozen Assets for Ukraine

European Union leaders are meeting in Brussels on Thursday to decide whether to use roughly $247 billion in frozen Russian assets to finance a large loan for Ukraine in 2026 and 2027. The deal is facing opposition, primarily from Belgium, where most of the assets are held, due to concerns about potential legal risks and a desire for broader participation from other nations holding smaller amounts of frozen assets. If the frozen asset loan fails, an alternative plan exists involving a loan backed by the EU's budget, but it requires unanimous support, which is uncertain due to Hungary's opposition. The European Council meeting is expected to continue until a decision is reached, potentially lasting for several days. The outcome will demonstrate the EU's ability to address challenges posed by Russia and support Ukraine amidst ongoing conflict.

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