European leaders are set to meet on Thursday to discuss ways to provide Ukraine with urgently needed billions of dollars in loans, a move seen as a major test of the European Union’s unity and strength amid ongoing criticism from U.S. President Donald Trump, who has described the bloc as weak.
The EU considers the Russia–Ukraine war a direct threat to its own security and views continued financial support for Kyiv as essential to maintaining Ukraine’s ability to resist Russian forces. One key proposal from the European Commission involves using frozen Russian central bank assets, seized in Belgium, as collateral to secure a large loan for Ukraine.
However, the plan has sparked legal and political concerns. Belgium has expressed unease over potential legal liabilities, while countries including Italy have voiced skepticism about the approach. Russia’s central bank has condemned the proposal as illegal and has filed a $23 billion lawsuit against Euroclear in a Moscow court, warning it will use all available means to protect its interests.
Polish Prime Minister Donald Tusk stressed the urgency of the decision, saying that failure to provide loans today would mean continued bloodshed tomorrow—not only for Ukraine, but for Europe as well. European Commission President Ursula von der Leyen has vowed not to leave the meeting without an agreement on financing Ukraine for the next two years.
Ukrainian President Volodymyr Zelenskyy is expected to attend the summit in person, despite earlier indications he might join via video link.
Alternative options include the EU borrowing collectively using its budget as collateral—requiring unanimous approval from all 27 member states—or individual countries raising funds separately. However, Hungary has already threatened a veto, and national borrowing would increase debt levels without ensuring long-term funding.
Diplomats argue that using Russian assets remains the most viable option to deliver substantial support without burdening national budgets. Still, leaders must reassure Belgium that it will not be left solely responsible if Russia wins compensation claims in international courts.
EU officials warn that failure to reach a deal would severely damage Europe’s credibility and reinforce perceptions of weakness. Senior diplomats indicated that the meeting is expected to conclude with a concrete solution by Friday morning.
