Ukrainian President Volodymyr Zelensky has called on EU leaders to urgently agree to a multi-billion euro loan in frozen Russian money to fund Ukraine’s military and economic needs.

Russia’s two hundred and forty-five billion US dollars’ worth of assets in the EU are held by a Belgium-based organisation – Euroclear. The European Union summit addressing the use of frozen Russian assets is being held in Brussels, Belgium, from December 18 to 19, 2025. 

Until now, Belgium and some other member states have said they are opposed to using the cash as a reparations loan. Meanwhile, Russia has filed a lawsuit against Euroclear in a Moscow court in a bid to get its money back. European Commission chief Ursula von der Leyen vowed that they would not leave the summit without a solution.

Meanwhile, US President Donald Trump has said a deal is closer than ever to end the war, which began with Russia’s full-scale invasion of Ukraine in February 2022.

US and Russian officials are due to meet in Miami this weekend for further talks on a peace plan. Russia has not yet responded to the latest peace proposals, but the Kremlin has stressed that plans for a European-led multinational force for Ukraine supported by the US would not be acceptable.