Ukraine is fighting not just on the battlefield, but also for vital financial support. President Zelenskyy is urgently appealing to European Union leaders to unlock a massive sum of frozen Russian assets – over €210 billion ($247bn) – arguing it’s the only way to convince Moscow that continuing the war is “pointless” next year.
This plea comes amidst ongoing conflict, including a recent Ukrainian drone attack on Russia’s Rostov region, which tragically killed three people and caused significant damage. These nightly raids deep into Russian territory highlight the relentless nature of the war.
The EU plans to use these frozen assets as a loan to keep Ukraine afloat for the next two years. Without this aid, Ukraine faces a critical financial shortage by mid-2024, potentially losing the war. This decision is a major test for Europe, especially with varying international opinions on the conflict’s future.
The biggest hurdle? Belgium. It hosts the Euroclear depository, holding the vast majority (€185bn) of these assets. Belgium fears being left with the bill if Russia wins legal challenges internationally and is seeking guarantees from other EU nations. While other EU countries could theoretically force the issue, it’s considered a “nuclear option.” Other fallback plans have also hit roadblocks, like Hungary’s veto.
Meanwhile, US efforts for a peace deal continue, even as significant differences remain between the warring parties. Russian President Putin maintains his resolve, stating Moscow will achieve its war objectives. As the situation intensifies on the ground, the financial debate in Europe holds Ukraine’s future in the balance, a crucial factor in the fight for its survival.
Source: https://turks.us/ukraine-drones-kill-3-in-russias-rostov-as-eu-debates-war-funding-for-kyiv/
