Europe’s top leaders are racing to unlock urgently needed financial support for Ukraine as the country faces intensifying Russian attacks and rapidly shrinking funds. Germany’s chancellor, Friedrich Merz, European Commission president Ursula von der Leyen, and Belgium’s prime minister, Bart De Wever, are holding emergency talks to resolve a deepening dispute over how the EU should raise billions for Kyiv’s military and government needs.
Von der Leyen has proposed two main options: collective EU borrowing on global markets or a large loan backed by frozen Russian assets—most of which are held in Belgium. The asset-backed approach aims to demonstrate Europe’s long-term commitment to Ukraine while avoiding direct budget increases by member states, and supporters say it would strengthen Kyiv’s leverage in future peace negotiations.
Belgium has firmly rejected the plan, warning that it could face massive legal and financial consequences if Russia challenges the decision or if sanctions end. Belgian leaders argue that common EU borrowing is a safer alternative. Their resistance has stalled progress just weeks before a critical EU summit, raising fears of a damaging funding delay.
European diplomats caution that failure to agree would undermine the bloc’s credibility at a time when Ukraine’s stability—and Europe’s security—are at risk. Merz has urged leaders to act decisively, insisting that the EU must present a united front and send a clear message to Moscow that Europe will not weaken in its support for Ukraine.