The EU promises to support Ukraine but does not support the frozen Russian cash
loan. Instead of releasing billions of euros in frozen Russian cash to help finance Ukraine's defence, EU leaders agreed Thursday night to support Ukraine's "financial needs"
for the next two years. After Belgium voiced concerns, the decision to use €140 billion (£122 billion) in Russian assets held in a Belgian clearing house was postponed until December. The contentious action would follow sanctions the bloc has already placed on Russia, the most recent of which was aimed at the Kremlin's oil earnings on Thursday.
The meeting in Brussels preceded a summit in London on Friday, where Prime Minister Sir Keir Starmer will call on European leaders to increase Kyiv's supply of long-range missiles. Along with NATO Secretary General Mark Rutte,
Prime Minister Mette Frederiksen of Denmark, and Dick Schoof of the Netherlands, Ukrainian President Volodymyr Zelensky is scheduled to attend the so-called "coalition of the willing" meeting. Emmanuel Macron,
the president of France, and other leaders will participate virtually. European ministers met in Brussels on Thursday to discuss the possibility of releasing billions of euros in frozen Russian currency to Ukraine as a "reparations loan."
In the upcoming weeks, many EU governments had hoped the leaders would support the plan and ask the EU's executive body, the European Commission, to draft a formal legal proposal.
After extensive discussions, the final text was adopted, but it fell short of approving plans. Rather, it requested "options for financial support based on an assessment of Ukraine's financing needs" from the Commission. The declaration also stated that "
Russia's assets should remain immobilised until Russia ceases its war of aggression against Ukraine and compensates it for the damage caused by its war." Now, a deal reached by EU leaders in December is the goal.
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