EU leaders at Brussels summit revisit frozen Russian assets after US move on Russian diesel
At an EU summit in Brussels, several countries are pushing again to use frozen Russian assets to support Ukraine. It follows US President Donald Trump's decision to allow Russian diesel into the American market.
European Union leaders are holding the second day of a summit in Brussels on Friday, where Ukrainian President Volodymyr Zelenskyy will appeal for more help. There are concerns that Kyiv faces a shortfall of billions of euros next year. Leaders are discussing Ukraine's need for weapons and money in the fourth year of the war.
Worries have grown after US President Donald Trump opened American markets to previously banned Russian diesel, a step meant to ease fuel price pressure in the United States. Three European officials warned that it could tilt the balance of the war towards Russia, since Vladimir Putin's government can earn more from fossil fuel exports while Ukraine struggles for funds.
Frozen assets
The summit has brought back the question of hundreds of billions of euros in frozen Russian financial assets held in European banks. Most are with Euroclear, the securities depository in Brussels. An earlier attempt to send the money to Kyiv was blocked by Belgium and some other countries, which feared legal action. Sweden, Finland and Germany want to look at the issue again. Officials from those countries say the European Commission will produce a new assessment of Ukraine's funding needs and an options paper, including on use of the assets.
German Chancellor Friedrich Merz said the assets should stay frozen in Europe and that the decision was Europe's to make. Finnish Prime Minister Petteri Orpo said: "We have to try again." Sweden's EU Affairs Minister Jessica Rosencrantz said doing nothing was not an option. Belgian Prime Minister Bart De Wever, the main opponent of a deal, said the assets should be considered as part of a future peace agreement.
Orpo also criticised Trump's "terrible deal" with Putin on diesel and apparent US-imposed limits on Starlink technology used to help Ukraine counter Russian attacks.
Budget divisions
The summit is also overshadowed by a dispute over the EU's next long-term budget. French President Emmanuel Macron urged leaders to agree by December. "Frugal" countries such as Germany, Sweden and the Netherlands want to limit the budget, while Italy and Romania favour more money for regional development and farming. Leaders will return for an extra summit next month.
