“Either money today or blood tomorrow”

BRUSSELS, December 18 (EUROPA PRESS) –

European Union leaders conspired on Thursday to agree on a financing formula that would keep Ukraine afloat for the next two years, as differences persist over whether to rely on liquidity from assets tied up by EU sanctions for a potential 90 billion euro “reparations loan” to kyiv.

“We have a simple choice: either money today or blood tomorrow. And I’m not just talking about Ukraine. I’m talking about Europe,” said Polish Prime Minister Donald Tusk, speaking to the press upon his arrival at the summit in Brussels, insisting that European leaders must rise to the occasion.

As indicated by the President of the European Council, António Costa, the summit will last the time necessary to obtain the green light for economic support for Ukraine. “We will not leave this Council without a final decision and we will never approve a solution which does not guarantee total security for Belgium,” he stressed.

Attention is focused on Belgium, the country which hosts the headquarters of Euroclear – the depositary entity which holds the vast majority of the assets in question – and which maintains its refusal to this project citing the risks it would assume in the event of future claims from Russia. The proposal on the table includes a liquidity mechanism so that member states and financial institutions can quickly cope with Russia’s demands, although the Belgian government insists on exploring other “safer and more transparent” options and asks to put back on the table the option of issuing joint debt for a loan to Ukraine.

Shortly before the start of the summit, Belgian Prime Minister Bart de Wever assured the Belgian Parliament that “no text” that he had seen convinced him to “change Belgium’s position”. “I hope to see it today, but so far it has not arrived,” he said, reiterating that the alternative is to pay for the aid through the issuance of Eurobonds, with the EU budget as a guarantee.

SIGN OF FORCE BEFORE RUSSIA

German Chancellor Friedrich Merz, one of the biggest proponents of using tied up Russian assets, insisted there was no “best option” and opted for an outcome at the summit in the community capital, despite Belgium’s lingering concerns.

“I hope that we can resolve them together and that we can also embark together on the path where the EU will give a signal of strength and determination against Russia,” Merz said upon his arrival at the European Council.

For his Lithuanian colleague Gitanas Nauseda, the important thing is that the summit ends with a decision on the reparation loan. “This decision has been long awaited and is very important,” he maintained, after emphasizing that “no one can provide financial support of an amount similar to that of Europe”.

His Irish counterpart, Michael Martin, called for an agreement to be reached guaranteeing financial security for Ukraine. “It is important that Europe today shows cohesion and unity on this issue,” he noted, noting that there is “strong pressure to reach an agreement on fixed assets.”

“The best option is undoubtedly to use the frozen assets. Of course, there are other options, but I think it is very important that Europe shows determination and can decide what it wants to do with respect to Ukraine,” said Latvian Prime Minister Evika Silina, before attending the meeting of EU heads of state and government.

For his part, the President of the Government, Pedro Sánchez, urged his European colleagues to “take decisions” on the freezing of Russian assets, stressing that the EU must “walk united” in its response to Russia.

European Commission President Ursula von der Leyen also spoke out, saying leaders must close funds to kyiv to support its military effort over the next two years. “We must find a solution today,” he warned, adding that he understood Belgium’s position and guaranteed that the risk “will be shared by everyone.”

Using Russian assets tied up in Europe is “the most viable option” to help kyiv, insisted the EU’s high representative, Kaja Kallas, who highlighted negotiations with Belgium to move this issue forward “and allay their concerns”. “I hope we manage to go all the way,” he said, warning that Russian President Vladimir Putin “wants to see” the initiative fail.

The counterpoint was provided by Hungarian Prime Minister Viktor Orbán, who arrived at the summit attacking the same idea of ​​maintaining financial support for Ukraine and emphasizing that the proposal to use Russian assets “is dead.” “I would not like to see a European Union at war. Giving money is war,” he said, assuring that loans using frozen Russian assets “are excluded” due to lack of support and “it’s a dead end.”