BRUSSELS, Oct 24: EU leaders have agreed to support Ukraine’s finances for the next two years but postponed a decision on releasing €140bn in frozen Russian assets, the BBC reported. The move came after Belgium objected to immediate action, warning of legal and financial risks, the BBC said.
The plan to use Russian funds held in Belgium’s Euroclear clearing house as a “reparations loan” will now be discussed again in December, the BBC noted. The proposal would add to the bloc’s sanctions on Moscow, including fresh restrictions on Russian oil revenues announced Thursday, the BBC reported.
The Brussels summit took place ahead of a London meeting where UK Prime Minister Keir Starmer will press European partners to increase long-range missile deliveries to Kyiv, the BBC said. Ukrainian President Volodymyr Zelensky attended the EU talks and is set to join the London gathering alongside NATO Secretary General Mark Rutte and other leaders, the BBC reported.
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Many EU states had hoped the summit would approve a formal plan to repurpose Russian assets, but the final declaration only asked the European Commission to explore “options for financial support” based on Ukraine’s needs, the BBC said. It reaffirmed that Russia’s assets would remain frozen until it ends the war and compensates Ukraine, the BBC noted.
European Commission President Ursula von der Leyen said the issue was “complex” and required further clarification, the BBC reported. European Council President Antonio Costa said the bloc remains committed to covering Ukraine’s financial needs for two years, adding that Russia should understand Ukraine “will have the resources to defend itself,” the BBC said and added Zelensky welcomed the pledge as a sign of political backing for using Russian assets.
Belgium has been hesitant, fearing potential lawsuits against Euroclear if the funds are seized, the BBC said. Prime Minister Bart De Wever described the plan as “uncharted territory” and said his government needed solid guarantees before proceeding, the BBC noted.
Moscow warned that any EU confiscation of Russian money would face a “painful response,” according to Russian foreign ministry spokeswoman Maria Zakharova, the BBC reported.
The EU also approved new sanctions mirroring recent US measures targeting Russia’s oil giants Rosneft and Lukoil, the BBC said. Washington’s latest steps, announced by President Donald Trump, led to the suspension of a planned meeting with Vladimir Putin, the BBC reported.
EU sanctions further hit three Chinese firms accused of buying large volumes of Russian crude, a move aimed at cutting Moscow’s war revenues, the BBC said.
