EU leaders 'will not leave' crunch summit without making a decision on Ukraine loan

European Union President Ursula von der Leyen said EU leaders will not leave the summit without a financial solution for Ukraine. European Union leaders are planning to use Russian frozen assets to keep the Ukrainian war effort afloat, but there is a lack of consensus among the European leaders. As the Russian invasion of Ukraine has progressed, Europe has started to perceive Russia as a threat to its own security and wants no stone unturned to keep it financed and fighting until it finds the upper hand in the peace negotiations.

“Now we have a simple choice — either money today or blood tomorrow. And I am not talking about Ukraine only, I am talking about Europe,” said Polish Prime Minister Donald Tusk. This comes just after US President Donald Trump called Europe “decaying” last week, and according to reports United States is planning to patronise Eurosceptic forces to direct Europe away from its liberal ideas.

Russia's central bank has earlier said that the EU's plan to use its assets is illegal and will use any means at its disposal to protect its interests. It filed a lawsuit in Moscow this week seeking $230 billion in damages from clearing house Euroclear.

Ukrainian President Volodymyr Zelenskyy said on Thursday that any failure to reach a decision will be a big problem for Kyiv. Ukraine is expected to run out of funds to continue its defence against Russian aggression by the second quarter of the next year.

"On Friday and Saturday, our team will be in the United States of America; they are already on their way ... and the Americans are waiting for them," said Zelenskyy to the reporters.