BRUSSELS, BELGIUM—Standing before the European Council on Thursday, Ukrainian President Volodymyr Zelensky delivered his most stinging rebuke of Western caution to date, warning that Europe’s “fear of action” is emboldening Moscow and threatening to collapse Ukraine’s defense by spring.
As EU leaders gathered in Brussels for a high-stakes summit, the focus sharpened on nearly $250 billion in frozen Russian sovereign assets. With a massive funding gap looming for 2026, the Ukrainian leader framed the choice for the 27-member bloc in visceral terms: use the aggressor’s wealth to fund the defense of democracy, or prepare for a wider war on European soil.
The ‘Reparations Loan’ Standoff
The summit centerstage is a proposed €90 billion “reparations loan.” Under the plan, the EU would borrow against the future income generated by Russian central bank assets—the vast majority of which are held in Belgium’s Euroclear depository.
- Zelensky’s Challenge: “Do the legal aspects really scare you more than the Russian presence on the border of Europe?” Zelensky asked an audience of visibly sobered leaders. He argued that it is “moral, fair, and legal” to use the assets of a state that has systematically destroyed Ukrainian infrastructure.
- The Looming Cliff: Kyiv officials warn that without a deal by the end of 2025, Ukraine faces a €136 billion funding shortfall over the next two years. Zelensky noted that a lack of funding would force an immediate scale-back in domestic drone production—the backbone of Ukraine’s current battlefield strategy.
- The Choice: Poland’s Prime Minister Donald Tusk summarized the mood of the hawks in the room, telling reporters that Europe faces a simple binary: “Either money today or blood tomorrow.”

The Belgian Holdout and Legal Fears
Despite the urgency, the summit has laid bare deep fractures within the Union. Belgium and Italy have emerged as the primary skeptics, citing unprecedented legal and financial risks.
- Belgium’s Anxiety: Prime Minister Bart De Wever, whose country hosts the lion’s share of the assets, remains wary of being left on the hook for billions if Russia successfully challenges the plan in international courts. “A failure to reach an agreement would be a disaster for Europe,” De Wever admitted, but he continues to demand robust “risk-sharing” guarantees from other member states.
- Russian Intimidation: Security officials revealed that Euroclear executives and Belgian politicians have been targeted by a “campaign of hybrid intimidation” by Russian intelligence, including disruptive drone activity and legal threats of “consequences until eternity.”
- The Counter-Argument: Germany and the “Frugal Four” (including the Netherlands and Sweden) are pushing hard for the loan, arguing it is the only way to support Ukraine without burdening European taxpayers through joint EU borrowing—an option currently blocked by Hungary.
Putin’s ‘Little Pigs’ Rhetoric
The tension in Brussels was mirrored by a defiant and insulting speech from Moscow. President Vladimir Putin lashed out at European leaders on Wednesday, deriding them as “little pigs” who are attempting to “theft” Russian property.
Putin insisted that Russia would “achieve its territorial aims” either through force or diplomacy, dismissing European solidarity as “hysteria.” The rhetoric has only served to reinforce Zelensky’s message that the Kremlin sees any Western hesitation as a sign of terminal weakness.
“Anything else would be a mistake in policy,” Zelensky concluded in his address. “Moscow should not be getting any good signals about this money.”
The summit is expected to continue late into the night. While European Commission President Ursula von der Leyen has vowed not to leave Brussels without a solution, the “moral clarity” Zelensky seeks remains bogged down in the complex machinery of European law and the shadow of Russian threats.





















