“Europe can act together, we have the funds to back up Ukraine for many years, and these funds are taken from Russian assets — this is a very strong message,” Michal said in the run-up to a gathering of leaders from eight EU frontline countries in Helsinki on Tuesday.
“We are not against America, we are with America,” he said, but getting an agreement this week would prove we are “a strong partner [which] is better than to have a weak partner.”
The comments underscore the sky-high stakes at play as the bloc’s 27 leaders meet this week. Ukraine is facing a $71.7 billion budget shortfall next year, and unless its EU backers find a compromise, Kyiv is set to run out of cash by spring. Beyond the impact on the front lines, the worry is that would weaken Ukraine’s hand in ongoing peace talks.
Michal’s call also adds to the pressure on Belgium, the key country opposing a deal. The EU institutions’ host country also houses Euroclear, the financial institution that holds most of the bloc’s Russian reserves, and has repeatedly sought changes to the deal over fears of becoming liable if Moscow claws back those assets.
During a late-night meeting of EU envoys Monday, Belgium again rebuffed the latest proposals from the European Commission, arguing they did not provide sufficient reassurances.
EU leaders have repeatedly urged the country to back down, arguing that backup options such as issuing joint debt would be still harder to achieve, given it would require unanimity from the bloc’s 27 members. This means Hungary’s Prime Minister Viktor Orbán, who has long been skeptical of support for Ukraine, could block the initiative.