Europe has taken one of its biggest wartime financial decisions yet. After intense late-night negotiations, the EU has officially approved a two-year, interest-free lifeline for Ukraine, designed to keep the country’s economy, military support systems, and government operations running through 2026. Instead of tapping into Russia’s frozen assets directly, EU leaders have chosen to raise the funds through capital markets, citing ongoing legal and technical barriers that have stalled any immediate use of Moscow’s immobilised billions. Antonio Costa emerged from marathon talks announcing the €90 billion support package, marking one of the EU’s strongest joint commitments since the war began. WATCH 

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.