The essence of the EU summit on Thursday is to convince Belgium to join the bloc's plan to transfer billions of frozen Russian assets to finance Ukraine, "even if it means meeting late," Politico reports, citing a source, writes UNN.
Details
After a failed attempt to reach an agreement at the last European Council in October, as well as several rounds of urgent negotiations and behind-the-scenes disputes that have taken place since then, Thursday is the last chance for EU leaders to greenlight a proposal to use 210 billion euros of Russian assets across the bloc to finance a loan to Ukraine.
Belgium's support is crucial, as the bulk of the frozen assets are held in the Brussels-based financial depository Euroclear, and its government fears being held liable for significant losses or retaliation from Moscow.
Despite weeks of persuasion, Belgian Prime Minister Bart De Wever has not budged and continues to enjoy strong domestic support. Less than 24 hours before the critical moment, the Belgian ambassador told colleagues during closed-door negotiations that "we are going backward."
Some EU member states, such as Germany and Latvia, have proposed adopting a decision on asset confiscation by a qualified majority vote, rather than unanimously, effectively sidelining Belgium, the publication writes.
In such a case, 15 out of 27 member states would have to vote "yes." But Belgian officials said there was no point in trying to ignore their concerns, as the funds in the Euroclear depository simply would not be released.
A senior EU official said that the whole point of Thursday's summit is to convince Belgium to drop its disagreement, even if it means meeting late.
If not assets, then what?
If no agreement is reached on assets, the EU will have to find another way to support Ukraine, which it committed to doing one way or another at the last summit in October.
On Wednesday evening, European leaders were divided into irreconcilable camps, at least publicly, and seemed unlikely to agree on how to finance Kyiv. But the first outlines of a potential way out of the deadlock - one that will have to be deliberated over hours of negotiations - are beginning to take shape, with diplomats working on a far-reaching last-minute compromise to save the deal.
European Commission President Ursula von der Leyen cautiously opened the door to joint debt, backed by the next seven-year EU budget, as a fallback plan.
Key to such a plan would be the exclusion of Hungary and Slovakia, both of which oppose further aid to Ukraine, from the joint debt scheme, four EU diplomats said. An agreement could still be agreed in the EU Council between the bloc's 27 countries, but the final agreement would mean that only 25 countries would participate in the financing.
Regarding a peace agreement
Washington shocked Ukraine and its European allies when it developed a plan to end the war that was full of significant concessions to Russia, including the transfer of large swathes of Ukrainian territory and limitations on the size of the Ukrainian military. After frantic negotiations from Geneva to Berlin, Kyiv and its allies successfully lobbied for an alternative plan that includes a proposal by US officials to provide NATO-style security guarantees to protect Ukraine.
Number one is security guarantees from the US - Zelenskyy16.12.25, 16:50 • [views_3478]
"For the first time since 2022, a ceasefire is possible," Merz said at a press conference with Ukrainian President Volodymyr Zelenskyy on Monday.
Zelenskyy is expected to attend the EU summit and brief leaders on the progress of the negotiations.
According to a draft conclusion obtained by the publication, the EU will commit to providing "robust and credible security guarantees for Ukraine" and, in a thinly veiled rebuke to Washington, which is leading the process, the bloc is to state that it will "address issues within its competence or those affecting its security."