This unprecedented move aims to address Ukraine’s financing needs for 2026 and 2027. However, the plan faces critical reservations from key stakeholder Belgium, which remains unresolved.
By Titilope Adako
The European Commission has put forward a proposal to utilize frozen Russian assets or international borrowing to raise 90 billion euros ($105 billion) to support Ukraine’s war effort against Russia.
This unprecedented move aims to address Ukraine’s financing needs for 2026 and 2027. However, the plan faces critical reservations from key stakeholder Belgium, which remains unresolved.
The proposal includes two solutions: using frozen Russian assets or borrowing on international markets.
The European Commission’s President, Ursula von der Leyen, emphasized that the proposal would ensure Ukraine has the means to defend itself and take forward peace negotiations from a position of strength.
Despite Belgium’s concerns, the Commission believes it has addressed almost all of them.
The proposal would require 15 out of 27 EU member states to vote in favor, and the Commission hopes to secure a firm commitment at the EU leaders’ summit on December 18.
Hungary and Slovakia are likely to take legal action against the measure, as they still heavily rely on Russia for gas and oil. They’re worried that switching to more expensive options will hurt their economies.
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