🔗 Share this article

During continuing meeting negotiations, President Zelenskyy has pressed European Union representatives to activate measures utilizing frozen Russian assets to finance Ukrainian defense efforts "without delay".

Immediate Decision Required

Appealing to European Union delegates in Brussels on the summit day, the Ukrainian leader highlighted the vital necessity to completely use Russia's assets for Ukraine's protection against continuing military action.

"Anyone who procrastinates this resolution is not only hampering our defence but also hindering your own progress," he affirmed, vowing that Ukraine would invest substantial money in purchasing European armaments.

EU Funding Plan

EU leaders are currently considering initiatives to support an interest-free loan for the country secured by Russian state resources, which were blocked shortly after the full-scale invasion.

European officials has outlined a 140-billion-euro interest-free assistance, with potential instructions to draft comprehensive juridical texts seeking to finalize the plan by the end of the year.

International Positions

The Kremlin has characterized the proposal as "theft" and has pledged to target any individuals or nations considered to have appropriated Russia's funds.

The Belgian government, which holds substantial Russian assets at the financial institution, constituting the majority of all Russia's government resources within the EU, has raised concerns about the plan.

"Should you want to move forward, we will have to proceed collectively," commented the Belgian leader, highlighting the necessity for safeguards that all EU countries would share the financial burden if Russia sought to retrieve its assets.

Global Coordination

Approximately a third of Russia's state assets are held outside the EU, including in Japan (€28 billion), the UK (€27 billion), Canada (15 billion euros) and the US (4 billion euros).

• The Asian nation maintains substantial Russian resources
• UK holds substantial Russian financial resources
• Canada has significant Russia's resources
• US maintains reduced but important assets

Diplomatic Challenges

Budapest authorities, noted for its Russia-friendly policies, has frequently slowed European Union restrictive measures and even though it has never dared to block them, its critical of Ukraine statements create concerns about future backing.

Hungarian Prime Minister skipped the defense talks to be present at commemorations in the Hungarian capital marking the national event.

Latest Measures

Previously, the European Union approved its 19th set of sanctions against Russia, targeting liquefied natural gas for the first time.

This action came after similar measures by the United States, which implemented restrictions on Russia's major oil companies, major Russian enterprises.

Confidence in Resolution

Regardless of persistent differences over the compensation package, several representatives expressed confidence in reaching an consensus.

"During these discussions we will establish the important determination to guarantee the monetary needs of Ukraine from the near future," declared a leading European leader, characterizing the remaining tasks as "administrative details".

Latvia's prime minister observed that an accord on the assistance would strengthen the Ukrainian president in any potential negotiation discussions.

Peace Prospects

Ukrainian government has diminished reports of a 12-point ceasefire proposal that emerged recently, implying it was the work of "certain allies" seeking to counter "a proposal from Russia".

The Ukrainian president emphasized that the Russian government has exhibited no indication of wishing to terminate the hostilities, referencing recent bombings on civilian locations.

"Increased sanctions on the Russian Federation and they will sit and discuss and I think this is the strategy," he stated.