European Union leaders are facing a high-stakes decision over nearly $200 billion in frozen Russian assets, as pressure mounts to secure long-term funding for Ukraine’s war effort. At a critical summit in Brussels, divisions have emerged over whether the EU can legally and safely use Russian central bank funds to support Kyiv. Ukrainian President Volodymyr Zelenskyy has stepped up diplomatic efforts, holding direct talks with Belgian Prime Minister Bart De Wever, as Belgium holds the largest share of the frozen assets through the Euroclear clearing house.

The European Union is facing one of its most consequential decisions of the Ukraine war: whether to use frozen Russian central bank assets to help finance Ukraine’s future. Around 210 billion euros in Russian assets, frozen after Moscow’s full-scale invasion in 2022, are now at the center of a fierce debate inside Europe.