🔗 Share this article Zelenskyy Urges EU to Utilize Seized Russia's Funds for Ukraine's Defence Support In the midst of continuing conference talks, President Zelenskyy has urged EU leaders to implement actions using immobilized Russian funds to fund Ukrainian defense campaign "without delay". Urgent Action Required Addressing EU officials in the EU capital on the summit day, the Ukrainian leader stressed the vital requirement to entirely employ Russia's resources for Ukraine's security against current military action. "Those who postpones this determination is not only limiting our military but also slowing down your own advancement," he stated, vowing that Ukraine would allocate considerable funds in buying European weapons. EU Loan Initiative European Union representatives are presently evaluating proposals to finance an non-interest loan for Ukraine backed by Russian state resources, which were blocked shortly after the extensive invasion. European officials has proposed a €140 billion non-interest assistance, with likely mandates to draft comprehensive juridical texts aiming to complete the initiative by year's end. International Positions Russian authorities has described the scheme as "illegal seizure" and has vowed to take action against any entities or states deemed to have seized Russia's money. Belgium, which maintains substantial Russian assets at Euroclear, representing the majority of all Russian government assets within the EU, has raised reservations about the initiative. "When you want to move forward, we will have to act together," commented the Belgian leader, highlighting the requirement for safeguards that all EU countries would bear the expenses if Russia tried to reclaim its assets. International Coordination About one-third of Russian government assets are located beyond the European Union, including in Japan (€28 billion), the United Kingdom (27 billion euros), the North American country (€15 billion) and the United States (€4 billion). The Asian nation maintains significant Russia's assets Britain holds considerable Russia's financial holdings Canada has considerable Russian funds US maintains reduced but important resources Political Obstacles Budapest authorities, known for its Russia-friendly policies, has often slowed European Union restrictive measures and although it has never dared to prevent them, its anti-Ukraine discourse raise concerns about ongoing endorsement. Hungarian Prime Minister missed the Ukraine-related discussions to participate in commemorations in the Hungarian capital marking the national event. Latest Actions Previously, the European Union agreed its latest package of sanctions against the Russian Federation, targeting liquefied natural gas for the initial occasion. This decision followed parallel measures by the American government, which implemented sanctions on the Russian major energy firms, Rosneft and Lukoil. Optimism in Agreement Despite continuing differences over the financial assistance, several officials voiced optimism in reaching an agreement. "At this summit we will make the strategic decision to secure the financial needs of Ukraine from 2026 to 2027," declared a leading EU representative, describing the pending issues as "procedural matters". Latvia's official observed that an consensus on the loan would empower the Ukrainian president in any potential peace negotiations. Diplomatic Possibilities Ukrainian leadership has downplayed reports of a 12-point peace plan that surfaced earlier, implying it was the initiative of "certain allies" seeking to counter "some plan from Moscow". The Ukrainian president emphasized that the Russian government has exhibited no evidence of desiring to end the war, mentioning latest bombings on populated targets. "Increased sanctions on the Russian Federation and they will participate and discuss and I think this is the strategy," he concluded.