European leaders hold a summit in Brussels during which They are forced to decide on the formula with which they will maintain funding for Ukraine over the next two years. The Polish Prime Minister Donald Tuskdeclared upon his arrival that … We Europeans “have a very simple choice: either money today or blood tomorrow. And I’m not talking about Ukraine, I’m talking about Europe. “All European leaders must be aware of this.”
At the start of the European Council meeting, EU leaders were divided on how to finance kyiv, with those favoring providing a loan to Ukraine based on the Russian central bank’s frozen reserves, deposited in Belgium, or using a European debt issue.
The President of the European Commission, Ursula von der Leyendescribed the meeting as “a decisive moment for our ultimate goal, which is peace for Ukraine” and that, therefore, the participants must decide which of the two options will be implemented, because “the most important thing is that in the end we guarantee Ukraine’s financial needs.” And quoting the President of the Council, Antonio Costathe President of the Commission recalled that they maintained the desire not to leave the meeting without having made a prior decision. Costa even said that “if we don’t finish today, we will tomorrow.”
The German Chancellor Frédéric Merzis the main defender of the thesis supporting the use of Russian assets, according to which it had already been decided last week that they would be frozen indefinitely until Russia pays for the damage caused by its invasion of Ukraine. For Merz, this would be the best way “to help end this war as quickly as possible.”
Belgium, however, is wary of the possible consequences that could result from the confiscation of money from the Central Bank of Russia and has requested a series of guarantees. Von der Leyen made a final attempt to soften the Belgian prime minister, Bart Weverand declared that “Belgium’s position is completely understandable. The risk must be shared by all of us and that is why I want to clearly express our full support to our Belgian friends.
But the main obstacle remains the Hungarian Prime Minister, Viktor Orbanwho left writing on social networks that he would not accept one thing or another. “Today there will be no shortage of arrogance either. The bureaucrats promise that we will not be allowed to return home until Ukraine’s financing problem is resolved. In other words, financing the war,” says Orbán.
“We Hungarians will not participate and we will stay here as long as necessary. A few sleepless nights aren’t the end of the world. Without a doubt, they are better than war. Orbán could not prevent the use of frozen Russian funds because it is a qualified majority decision, but he has the ability to veto the issuance of a joint loan.
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