🔗 Share this article Ukrainian President Urges EU to Use Frozen Russia's Resources for Ukraine's Military Funding In the midst of ongoing summit talks, Ukrainian President has insisted EU representatives to activate actions utilizing immobilized Russian assets to support Ukraine's defense operations "without delay". Urgent Action Demanded Addressing European Union leaders in Brussels on Thursday, the Ukrainian leader emphasized the vital requirement to fully employ Russia's assets for Ukraine's security against current hostilities. "Those who procrastinates this decision is not only restricting our defence but also hindering your own development," he declared, promising that the nation would allocate substantial resources in acquiring European military equipment. European Union Loan Plan European Union representatives are actively evaluating plans to fund an non-interest loan for Ukraine backed by Russian state resources, which were frozen immediately after the full-scale invasion. European officials has suggested a €140 billion non-interest assistance, with possible mandates to draft comprehensive legal texts aiming to finalize the plan by year's end. International Reactions The Kremlin has characterized the proposal as "theft" and has pledged to take action against any persons or states judged to have appropriated Russia's money. Belgium, which holds 183 billion euros at Euroclear, representing the majority of all Russian government assets within the EU, has voiced reservations about the plan. "When you want to proceed, we will have to move collectively," declared the Belgian leader, stressing the requirement for guarantees that all European nations would share the financial burden if the Russian government sought to recover its money. Global Cooperation About one-third of Russian state resources are held beyond the EU, including in the Asian nation (€28 billion), the United Kingdom (27 billion euros), the North American country (€15 billion) and the America (4 billion euros). The Asian nation maintains considerable Russian assets United Kingdom holds significant Russian financial resources The North American country has substantial Russia's resources America maintains more limited but important holdings Diplomatic Challenges Hungary, known for its pro-Russian stance, has repeatedly slowed EU restrictive measures and while it has never attempted to prevent them, its anti-Ukraine rhetoric prompt doubts about continued backing. The Hungarian leader skipped the defense negotiations to attend events in the Hungarian capital marking the national event. Recent Developments Prior to the summit, the European Union endorsed its latest package of restrictive measures against the Russian Federation, focusing on liquefied natural gas for the initial occasion. This action came after comparable actions by the United States, which enacted restrictions on the Russian two largest oil firms, the energy giants. Optimism in Resolution Notwithstanding ongoing disagreements over the compensation package, several representatives voiced optimism in reaching an agreement. "Today we will make the political determination to ensure the economic necessities of the Ukrainian people from the coming years," stated a leading EU leader, labeling the outstanding issues as "procedural matters". The Latvian leader commented that an agreement on the loan would strengthen Zelenskyy in any future peace negotiations. Peace Considerations The Ukrainian leadership has diminished reports of a detailed peace proposal that appeared recently, implying it was the initiative of "some very good friends" seeking to counter "some plan from Moscow". Zelenskyy stressed that Moscow has shown no indication of desiring to terminate the war, mentioning recent attacks on civilian areas. "Additional measures on the Russian Federation and they will engage and discuss and I think this is the strategy," he affirmed.