EU Leaders Hold Overnight Talks to Calm Belgium’s Concerns Over Russian Backlash for Ukraine Loan

European Union leaders worked late into Thursday night to reassure Belgium over potential Russian retaliation if it backs a proposed €90 billion loan for Ukraine.

While Ukrainian President Volodymyr Zelensky urged a swift decision to keep his country financially afloat in the new year.

At a high-stakes summit in Brussels, the 27-nation bloc debated using tens of billions of euros in frozen Russian assets to underwrite Ukraine’s military and economic needs for the next two years. Most of the €193 billion in frozen assets are held at Brussels-based Euroclear, which is facing a lawsuit from Russia’s central bank, heightening Belgian concerns.

Belgian Prime Minister Bart De Wever emphasized the need for safeguards, likening the situation to needing a “parachute” to feel secure. Belgium has urged that the EU borrow funds on international markets and that frozen assets in other countries also be included, with guarantees that Euroclear would remain protected from legal challenges.

Under the proposed “reparations loan” plan, the EU would lend €90 billion to Ukraine, with countries such as the UK, Canada, and Norway covering potential shortfalls. While Russia’s claims to the assets remain, they would remain frozen until the Kremlin ends its war and pays for the destruction caused. The European Commission has drafted protective measures for Belgium, but EU envoys continued negotiations into the night to address its concerns.

Zelensky framed the move as a moral imperative, stressing that using frozen Russian assets was justified as Russia is actively destroying Ukraine. He appealed to Belgian citizens, saying the threat of legal action is far less frightening than Russian military aggression.

EU leaders committed to meeting most of Ukraine’s needs for 2026 and 2027, with the IMF estimating a total of €137 billion. European Commission President Ursula von der Leyen stressed urgency, and Polish Prime Minister Donald Tusk called the loan “either money today or blood tomorrow.”

Support for the plan remains mixed. Germany backs using Russian assets, while Hungary, Slovakia, and several other countries—including Belgium, Bulgaria, Italy, and Malta—remain hesitant or opposed. Hungarian Prime Minister Viktor Orbán described the loan plan as a “dead end,” warning that funding Ukraine could be interpreted as escalating the war.

The summit carries high stakes for the EU’s internal cohesion and decision-making. Forcing Belgium to participate against its will could set a precedent affecting future consensus-based processes. Once a political deal is reached, legal experts and national parliaments may need to ratify the plan before funds can be disbursed to Ukraine.

The outcome will influence Europe’s stance on supporting Ukraine financially and militarily, while also shaping the bloc’s approach to handling Russian asset claims in the context of the ongoing war.