A principal opção da UE para apoiar a Ucrânia enfrenta forte resistência da Bélgica, principal guardiã dos ativos russos necessários para financiá-la, enquanto a opção alternativa de dívida conjunta requer unanimidade – e a Hungria já disse não.
Os 27 líderes da União Europeia estão reunidos em Bruxelas para tomar uma decisão que poderá redefinir a arquitetura de segurança do continente: como angariar pelo menos 90 mil milhões de euros para satisfazer as necessidades financeiras e militares da Ucrânia para 2026 e 2027.
Com os Estados Unidos a insistirem num acordo rápido entre a Ucrânia e a Rússia, diplomatas e funcionários consideram a cimeira de hoje como um momento decisivo para os europeus maximizarem a sua influência colectiva e provarem que ainda têm pele no jogo.
"Não se trata apenas de números", disse a presidente da Comissão Europeia, Ursula von der Leyen, antes da cimeira. "Trata-se também de reforçar a capacidade da Ucrânia para garantir uma verdadeira paz - uma paz justa, duradoura, que proteja a Ucrânia e, por conseguinte, proteja também a Europa."
Existem duas opções principais para atingir o valor de 90 mil milhões de euros. A primeira é uma proposta inovadora de canalizar os ativos imobilizados do Banco Central russo para um empréstimo de reparação à Ucrânia, sem juros, que o país só teria de pagar depois de Moscovo compensar os danos causados pela sua invasão - algo extremamente improvável de acontecer.
A segunda é a contração de empréstimos comuns nos mercados financeiros, como fez a Comissão em nome de todos os Estados-membros durante a pandemia de COVID-19.
Ambas as opções têm prós e contras que pesam muito na mente dos líderes. Mas há uma diferença fundamental: enquanto a dívida conjunta exigiria a unanimidade para alterar as regras orçamentais da UE - um cenário quase impossível devido à oposição intransigente da Hungria - o empréstimo de reparação poderia ser aprovado apenas com uma maioria qualificada.
A aritmética colocou a Bélgica no centro das atenções. O país detém 185 mil milhões de euros em ativos russos e teme ser vítima de uma retaliação sem limites por parte de Moscovo, caso o empréstimo de reparação seja aprovado. O primeiro-ministro belga, Bart De Wever, considerou a proposta "fundamentalmente errada" e repleta de "perigos múltiplos".
Na cimeira de quinta-feira, os líderes europeus tentarão, por conseguinte, acalmar as numerosas preocupações de De Wever e garantir a participação da Bélgica no audacioso esquema. Nos últimos dias, Itália, Bulgária, Malta e República Checa manifestaram reservas quanto ao empréstimo de reparação, enquanto o Euroclear, o depositário que guarda os 185 mil milhões de euros, também se mostrou crítico.
Terreno difícil
As negociações serão longas, árduas e potencialmente explosivas. Entre outras coisas, a Bélgica exigiu garantias ilimitadas para se proteger de qualquer armadilha. Em contrapartida, os outros Estados-membros querem chegar a um acordo sobre um valor fixo.
"Queremos que todos os riscos sejam cobertos e mutualizados sem limites, na íntegra e desde o primeiro dia", disse um diplomata de alto nível, sob condição de anonimato. "Os riscos que enfrentamos não têm limite, por isso não podemos concordar com uma garantia que tenha um limite."
António Costa, o presidente do Conselho Europeu, prometeu que a Bélgica não seria ultrapassada. "Esta não é uma luta entre a Europa e a Bélgica", afirmou.
Se os líderes conseguirem convencer De Wever, abrir-se-á um caminho para que o empréstimo de reparação se torne uma realidade. Se não conseguirem, discutirão a dívida comum sob a sombra do veto da Hungria. Se as duas opções se revelarem intratáveis, a Comissão terá de conceber rapidamente uma solução provisória para garantir que a assistência à Ucrânia se mantenha ininterrupta.
"A reunião durará o tempo que for necessário", disse um funcionário da UE, sugerindo que o debate poderá prolongar-se até sexta-feira e mesmo para além desta data.
O tempo está a passar rapidamente: Kiev precisa de uma nova injeção de ajuda externa já em abril. Depois da última cimeira inconclusiva, o bloco não se pode dar ao luxo de outro desastre. Com Washington e Moscovo a olharem atentamente para Bruxelas, os responsáveis admitem que o fracasso não é uma opção.
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Luxembourg PM: joint EU borrowing is the 'easier' option to fund Ukraine, but strong majority is needed
Financing Ukraine through joint EU borrowing on the financial markets is the “easier” option, but it would require a strong majority—or even unanimity—Luxembourg Prime Minister Luc Frieden told journalists on Thursday ahead of the EU leaders’ summit in Brussels.
“It is easier because it does not jeopardise financial stability of the Eurozone, and it does not entails complex technical discussions," Frieden said.
The Prime Minister said the use of immobilised assets, which is the other option on the table, is more complex. "It was never done before and it raises complex legal issues."
There are €210 billion of Russian sovereign assets in Europe, of which €185 billion are held in Euroclear, a Brussels-based depository. But Belgium has firmly resisted the initiative, fearing it would face Russia's retaliation and multi-billion-euro losses at court. The country has demanded that other member states provide strong guarantees.
“We have to find a group of countries which share the risks” if Russia launches a court case to claim the assets at the end of the war or once sanctions are lifted, the Luxembourg PM said.
The asset's option would require a qualified majority to be used among the 27 member states.
European Parliament ready to 'move urgently' on Ukraine financing: Metsola
European Parliament President Roberta Metsola told reporters on Thursday morning as she arrived at the summit that "the most important thing we can do today is to stand with all our full unity behind President Zelenskyy and Ukraine."
"That means we need to resolve the financing issue here. The European Parliament is willing to cooperate on all fronts. We are ready to go and move urgently if a decision is taken on the reparations loan."
"But make no mistake, we are in a no-choice scenario if we want to help Ukraine, if we want to reassure that Europe's security is guaranteed. Then we need to find a solution today on the financing of Ukraine," Metsola added.
Bart De Wever, the protagonist of the summit, skips arrivals
Belgian Prime Minister Bart De Wever will not take part in the arrival doorsteps at today’s crucial EU summit, as he addressed the Belgian parliament earlier today.
This is a big disappointment for reporters: De Wever is the chief opponent of the reparations loan for Ukraine and is always generous in his remarks to the media. In October, his intervention in the morning set the tone for the remainder of the day.
Orbán: the issue of frozen assets is 'dead'
Hungarian Prime Minister Viktor Orbán said there is enough support in the European Council to block the idea of using Russia’s frozen assets to support Ukraine.
“I think the issue of frozen assets is dead. Last night, I saw that there are enough opposing countries here to form a blocking minority. So I think this is a dead issue.”
Orbán added that leaders should re-examine the issue of financing Ukraine. He will refuse to accept a joint borrowing for Ukraine even if Hungary gets an opt-out from the financial guarantees.
“For Hungary, the path of financing Ukraine from a joint loan is absolutely not possible, but beyond the legal limits, I would not agree with it. I think that we should not finance war, but peace. What I am trying to achieve here today is that we take steps towards peace, not war. “
Orbán reiterated his previous statement that using Russia’s sovereign assets would equal a declaration of war.
“The plan is to take the seized property of one of the parties at war and give it to the other side," he said. "This is nothing more than a declaration of war.”
Orbán also said he supported farmers protesting in Brussels. The Mercosur free trade agreement with Latin-American countries “would kill farmers," he added. 
Pedro Sánchez calls for coherence on Ukraine and Gaza
Pedro Sánchez has urged the EU to be "coherent" in their response to Ukraine and Gaza, warning about "double standards" accusations from other countries.
Upon arrival, he outlined three key principles: unity, coherence and action. "We have to make one decision, be it one or the other, about the support needed for the Ukrainian people at this critical time," Sánchez said.
The Spanish leader also urged the EU to sign the free trade deal with Mercosur, which is close to falling apart after Italy sided with France and requested a delay in the vote.
"This agreement is one of many for Europe to gain geo-political and geo-economic weight," he said. "Europe must be open to this type of commercial agreement."
"It would be very frustrating if Europe failed to reach a deal with Mercosur," he added.
Associated Press.
Swedish PM: we can find 'technical solutions' to help Belgium
Swedish Prime Minister Ulf Kristersson told journalists on Thursday that finding an agreement on using Russian immobilised assets to finance Ukraine is the better option on the table.
EU leaders are meeting in Brussels on Thursday and Friday to decide how to raise at least €90 billion to meet Ukraine's financial and military needs for 2026 and 2027.
Two options are currently on the table: The first is to use frozen Russian Central Bank assets to create a zero-interest loan for Ukraine, which Kyiv would repay only if Russia later pays war reparations.
The second option would entail the EU collectively raising funds by borrowing on the financial markets, following a model similar to that adopted during the COVID-19 pandemic.
Kristersson said he wasn’t hopeful about the second option as it requires unanimity to be approved. However, he urged the EU to find ways to satisfy Belgium, which holds the majority of the assets.
"Everyone understands that the country that has 90% of the assets must be involved in such a solution. That is why I believe and hope that we can find technical solutions to issues that Belgium is still raising", Kristersson said.
"We’re not there yet, so I won’t be announcing any victory on this issue until much later this evening", the Prime Minister added.
'We have to be tough', says Lithuania’s President on Russian immobilised assets
Lithuania’s President Gitanas Nauseda reiterated the country’s continued support to Ukraine, saying now is the moment for the European Union “to be tough”. “This is not the time to hesitate, we have to touch untouchables like Gazprom and Lukoil because only those bold decisions will make an impact in Russia’s economy,” Nauseda told reporters ahead of today’s European council summit.
He said the decision will have a significant impact on the Russian economy, which is already in bad shape.
The Lithuanian President said the country welcomed the European Commission's proposal for a risk-sharing mechanism to support Belgium, which hosts the bank holding the Russian immobilised assets, Euroclear.
"Lithuania understands the situation of Belgium and some other member states affected. We are ready to participate in risk-sharing mechanisms that countries will step in, so that they should not be punished for their actions,” Nauseda added.
EU-Mercosur trade deal is of 'enormous importance', says von der Leyen
Let's go back to Ursula von der Leyen for a moment. Upon her arrival, the president of the European Commission also spoke about the EU-Mercosur free trade agreement, which is close to collapsing after Italian Prime Minister Giorgia Meloni sided with France to request a delay in the vote. If the vote doesn't happen this week, von der Leyen won't be able to fly to Brazil to sign the text.
"We have to get rid of our over-dependencies. This is only possible through a network of free-trade agreements," von der Leyen told reporters. "And therefore, Mercosur plays a central role in our trade agreements. It is potentially a market of 700 million consumers, like-minded countries that want free trade together."
"It is of enormous importance that we get the greenlight for Mercosur and that we can complete the signature for Mercosur," she added.
'Large support' for reparations loan in Council, Costa says
European Council President António Costa said upon arriving at the summit that leaders will not leave "without a final decision to ensure the financial needs for Ukraine for 2026, 2027".
He added that there is "large support" in the Council for the reparations loan.
"To put in motion this decision is crucial to increase the pressure on Russia", he also said, and put Ukraine in the "best conditions" for peace talks.
Belgium won't be outvoted on reparations loan, Kaja Kallas promises
High Representative Kaja Kallas has promised that Belgium, the prime custodian of the Russian assets, won't be outvoted on the reparations loan.
"Many member states have said that Belgian consent is very important, so I don't think we are going to move without Belgium being comfortable," Kallas said upon arrival at the summit.
Kallas argued that if the reparations loan becomes law, it will remove the pressure from Belgium because it will become a European-wide solution and the EU, as a whole, will be responsible for it.
"It is the most viable option right now on the table; we need to work with that, as we have tried other things before," Kallas said. "I really hope we get this over the finish line."
Asked if the reparations loan could imperil the US-led peace talks, the High Representative said that the "peace deal is jeopardised by Russia, which hasn't accepted anything". She then urged leaders to find a solution this week, warning that Moscow is "banking on us to fail".
Support for Ukraine and an agreement on Mercosur are today’s priorities, says Chancellor Merz
German Chancellor Friedrich Merz maintained his position on the use of frozen Russian assets and said EU leaders need to decide “between today and tomorrow” whether to approve the Mercosur trade deal with the EU and South American countries, including Brazil, Argentina, and Paraguay.
On the frozen Russian assets, Merz said he “doesn’t see any other option” and that it’s possible to “come to a conclusion” during the summit.
"I understand the concerns that some member states have, especially with the Belgian government, but I hope that we will be able to clear them up together and that we also can take a path together from this European Union, to show a sign of strength and determination towards Russia,” Merz told reporters.
On Mercosur, a trade deal that has been in the making for the past 25 years, the EU is facing resistance from France and Italy, which could block it.
“It is time to make a decision. If the European Union wants to remain credible in the trade policy of the world, then decisions must be made now,” Merz said.
"And the decision can only be that Europe agrees and that the Commission President and the Council President tomorrow travel to South America and sign this agreement,” he added, saying he's "confident" the agreement will succeed.
'Our decision to make,' Tusk said on reparation loan
In a very short doorstep statement upon arriving at the summit, Polish Prime Minister Donald Tusk told reporters that the reparations loan to Ukraine will be resolved “either today or tomorrow".
“This is our decision to make,” the former Council President said.
The Polish government strongly supports the loan for Ukraine, which is a European proposal to use frozen Russian assets to finance Ukraine's war effort, and it will be the hottest topic on the table when EU leaders meet today.
Now we have a simple choice: either money today, or blood tomorrow. I’m not talking about Ukraine only, I’m talking about Europe. This is our decision to make. And only ours. All European leaders must finally rise to the challenge.
— Donald Tusk (@donaldtusk) December 18, 2025
Ukraine needs the means to survive this war, Luxembourg Prime Minister tells Euronews
“We need to give Ukraine the means to survive this war, borders cannot be changed by force," Luxembourg Prime Minister Luc Frieden told Euronews’ flagship programme Europe Today.
European leaders are gathering today and tomorrow in Brussels to discuss the most urgent issues to solve before the end of the year, including how to finance Ukraine from the beginning of 2026.
There are two main ways being considered to raise the EU’s €90 billion share to provide Ukraine with financing for the next two years.
The first would be to use frozen Russian Central Bank assets to create a zero-interest loan for Ukraine, which Kyiv would only repay if Russia later pays war reparations. The second would involve the EU jointly borrowing money on financial markets, similar to the approach used during the COVID-19 pandemic.
“We will find a solution, we have two options on the table," Frieden said. The use of frozen assets, the prime minister said, is "complex but we can find a way to make it work”.
There are €210 billion of Russian sovereign assets in the EU, of which €185 billion are held in Euroclear, a Brussels-based depository.
Belgium has demanded other member states provide strong guarantees.
“We have to find a group of countries which share the risks” in the scenario in which Russia launches a court case to claim the assets at the end of the war or once sanctions are lifted.
“We need to be united because the US might not be there with us in the future," the Prime Minister pointed out, referring to Washington's gradual disengagement in supporting Ukraine in its war against Russia.
Mercosur: 'We need to stick with what we agreed with other countries,' Luxembourg PM tells Euronews
The European Union should honour the commitments it has made to its Mercosur partners, Luxembourg Prime Minister Luc Frieden told Euronews’ flagship programme Europe Today.
Addressing farmers’ concerns over the trade deal, the prime minister said these issues “can be solved domestically,” stressing the importance of ensuring the agreement does not fail, amid several EU countries expressing reservations over the deal.
'We won't leave without a solution for Ukraine,' says Ursula von der Leyen
Ursula von der Leyen has arrived at the EU summit with a clear-cut message: "We have to find a solution today," she said. "We won't leave the European Council without a solution for the funding for Ukraine for the next two years."
The president of the European Commission has proposed two options: the reparations loans, based on the immobilised Russian assets, and joint debt, backed by the EU budget. Though she has previously advocated in favour of the reparations loan, today she made no special distinction, saying simply that "the most important part" is to raise €90 billion to meet Ukraine's needs for 2026 and 2027.
Von der Leyen said that it is "absolutely understandable" that Belgium, the prime custodian of the Russian assets, has concerns about the reparations loan. "I totally support Belgium that they insisting on having their worries and concerns accommodated, and we’re working day and night with Belgium," she said, thanking Belgian Prime Minister Bart De Wever for his "engagement".
"If we take the reparations loan, the risk has to be shared by all of us. This is a matter of solidarity and a core principle of the European Union," she said.
Reparations loan for Ukraine: Who's in favour and who's against?
As we wait for EU leaders to make their way into the summit, we want to get you up to speed on the main issue: the reparations loan.
Under the scheme, the financial institutions that hold the immobilised assets of the Russian Central Bank would transfer their cash balances to the Commission, which would then issue a zero-interest loan to Ukraine. Kyiv would be asked to repay only after Moscow ends its war and compensates for the damage its invasion has wrought. Moscow would then be able to recover its money, completing the cycle.
While the proposal has been met with public enthusiasm by some leaders, like Germany's Friedrich Merz and Denmark's Mette Frederiksen, it faces staunch opposition from others, such as Belgium's Bart De Wever and Hungary's Viktor Orbán.
We break down who's in favour and who's against.
Reparations loan for Ukraine: Who’s in favour and who’s against?
The European Union’s bold attempt to issue a reparations loan to Ukraine using immobilised Russian assets has sharply divided the bloc’s key leaders. Ahead of…