EU Leaders Scramble to Calm Belgian Fears Over Ukraine Loan, Russian Assets

• EU leaders held late-night talks to reassure Belgium about a major loan package for Ukraine, funded by frozen Russian assets.
• Belgium fears Russian retaliation, especially against Brussels-based Euroclear, which holds most of the 193 billion euros in frozen assets.
• Ukrainian President Volodymyr Zelenskyy urged swift action, emphasizing Ukraine's urgent need for funds and the moral justification for using Russian assets.
• Belgium seeks guarantees, including borrowing on international markets and partners sharing legal risks for Euroclear, while some nations like Hungary oppose the plan.
• The high-stakes decision impacts EU unity and its ability to support Ukraine, with legal and political challenges remaining even after a deal.

Why It Matters: EU leaders debate Ukraine loan using frozen Russian assets, facing Belgian fears and internal divisions.