But stopped short of releasing billions of euros in frozen Russian cash to help fund the country’s defence.
A decision to use €140bn (£122bn) in Russian assets held in a Belgian clearing house was pushed back until December after concerns were raised by Belgium.
The controversial move would be on top of sanctions the block has imposed on Russia – the latest on Thursday targeting the Kremlin’s oil revenues.
They followed US measures against Russia’s oil industry – the first time Donald Trump has sanctioned Moscow as he grows frustrated over Vladimir Putin’s refusal to end the war.
EU fails to back frozen Russian cash loan – but vows to support Ukraine
EPA Ukrainian President Volodymyr Zelensky EPA
EU leaders agreed to help support Ukraine’s “financial needs” for the next two years on Thursday night – but stopped short of releasing billions of euros in frozen Russian cash to help fund the country’s defence.
A decision to use €140bn (£122bn) in Russian assets held in a Belgian clearing house was pushed back until December after concerns were raised by Belgium.
The controversial move would be on top of sanctions the block has imposed on Russia – the latest on Thursday targeting the Kremlin’s oil revenues.
They followed US measures against Russia’s oil industry – the first time Donald Trump has sanctioned Moscow as he grows frustrated over Vladimir Putin’s refusal to end the war.
On Thursday, European ministers held talks in Brussels about how billions of euros worth of frozen Russian cash could be made available to Ukraine as a so-called “reparations loan”.
Many EU governments had hoped the leaders would back the plan and request the European Commission, the EU’s executive body, to work out a formal legal proposal in the coming weeks.
But the final text, adopted after marathon talks, stopped short of greenlighting plans. Instead, it asked the Commission for “options for financial support based on an assessment of Ukraine’s financing needs”.
“Russia’s assets should remain immobilised until Russia ceases its war of aggression against Ukraine and compensates it for the damage caused by its war,” the declaration added.
The aim is now for EU leaders to reach a deal in December.
“This is a topic that is certainly not trivial. It’s very complex,” European Commission President Ursula von der Leyen said after the summit. “It was also very clear there are points to be clarified.”
Antonio Costa, European Council President, sounded a positive note, saying the bloc had “committed to ensure that Ukraine’s financial needs will be covered for the next two years”.
“Russia should take good note of this: Ukraine will have the financial resources it needs to defend itself,” he told a news conference.
Ukraine’s President Volodymyr Zelensky, who was in Brussels for the summit, welcomed the outcome as a signal of “political support” for the notion of using Russian assets to keep Kyiv in the fight.