Brussels – European Union leaders concluded a summit today grappling with how to unlock billions of euros in frozen Russian assets to aid Ukraine, while simultaneously approving a new round of sanctions against Moscow and postponing key climate discussions. Belgium, fearing substantial claims from Russia shoudl the assets be used, is pushing for a collective risk-sharing mechanism among all EU member states.
The European commission is tasked with developing a proposal within weeks to distribute the financial risks associated with utilizing the frozen Russian funds. Dutch Prime Minister Schoof acknowledged the Netherlands will also be required to contribute to these guarantees. “We agree on supporting Ukraine, but we still have to discuss financing. There are risks, such as guarantees from everyone. That really means political and technical consultation,” Schoof stated. A decision is sought before year-end to ensure continued support for Ukraine in the coming years.
Alongside the financial debate, the EU approved its 19th package of sanctions targeting Russia. These measures include accelerating the phase-out of Russian liquefied natural gas imports,intensifying efforts against Russia’s “shadow fleet” of oil tankers,and adding Russian diplomats to the sanctions list. Ukrainian President Zelenskyy, speaking from Brussels, welcomed the increased pressure, expressing hope it would compel Russia’s Putin to the negotiating table.”the plan starts with a ceasefire. it starts with the will to talk.More pressure on Russia is needed,” Zelenskyy said.
In a separate matter,discussions regarding the EU’s 2040 climate target were deferred to a future meeting of EU climate ministers. European Commissioner Wopke Hoekstra’s proposal to reduce greenhouse gas emissions by 90% below 1990 levels faces resistance, with member states seeking greater flexibility to include climate gains achieved outside the EU. Hoekstra had previously offered a 3% allowance for external reductions, a figure possibly increasing to 5%, alongside consideration of other adjustments.