Tusk noted that discussions are ongoing among EU members, but Belgium, where most of the frozen Russian assets are held, including funds belonging to Russia’s Central Bank, is expressing caution, as such a financial mechanism has never been implemented before.
“Belgium is afraid that it will bear all the responsibility. Therefore, we are trying to convince our Belgian friends that we are ready to build a mechanism of joint European responsibility,” Tusk said.
“Of course, as always, Viktor Orbán is against this, as he is against all decisions concerning Ukraine.”
He added that while Belgium and Luxembourg have not yet fully agreed to the plan, the European Council summit in December should serve as the final deadline for a decision.
“The European Council will meet in December, and that should be the final deadline for a decision: yes or no. And we should not play with emotions, because Ukraine will not win this war or defend itself from Russia without financial support,” Tusk said, stressing that “there are not many alternative sources of funding.”
His comments come as European leaders seek to resolve disagreements over how to legally and safely channel profits or funds from frozen Russian assets into Ukraine’s defense and reconstruction efforts.
Earlier that day, Bloomberg reported that the EU had delayed until December 2025 a decision on whether to seize EUR 140 billion ($162 billion) in frozen Russian sovereign assets held by Belgium’s Euroclear clearing house.
Sources told the journalists that Belgium pressed for the postponement after demanding stronger guarantees that it would not bear liability for legal risks tied to issuing loans to Kyiv backed by those frozen assets.