Germany, EU pressure Belgium to back Ukraine loan plan with frozen Russian assets

• Germany and EU pressure Belgium to support using frozen Russian assets to fund Ukraine; €210 billion are mostly held in Brussels-based Euroclear.
• Belgium resists the plan due to legal concerns and potential Russian lawsuits, seeking guarantees and fair risk distribution among EU states.
• Ukraine faces a significant funding gap, with the EU proposing a €90 billion loan backed by the frozen assets, as US aid decreases.
• The US opposes using the assets for the loan, preferring them for a peace deal, while EU leaders insist decisions remain in Europe.
• EU leaders will meet on December 18 to seek consensus; Hungary and Slovakia also oppose aspects, and joint EU debt is a debated fallback option.

Why It Matters: EU's plan to fund Ukraine with frozen Russian assets faces hurdles, critical for European security.