EU leaders face a decisive choice on how to finance Ukraine’s war effort at a crunch summit this week, with European Commission President Ursula von der Leyen urging capitals to agree a plan to tap frozen Russian assets.
“There is no more important act of European defense than supporting Ukraine’s defense. The next days will be a crucial step for securing this, it is up to us to choose how we fund Ukraine’s fight,” von der Leyen told lawmakers ahead of the meeting, underscoring the pressure on leaders to unlock long-term support.
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Italy signaled support in principle but warned of legal pitfalls. Prime Minister Giorgia Meloni said Rome backs efforts to make Moscow bear the costs of its invasion, while cautioning that any mechanism to use immobilized Russian assets must rest on firm legal foundations and “remains far from easy.”
The deliberations come as Britain escalates a parallel push to direct Russian-linked funds to Kyiv. The U.K. said it is giving sanctioned oligarch Roman Abramovich a final opportunity to release £2.5 billion (€2.8 billion) from the 2022 sale of Chelsea Football Club for Ukraine, or face court action to enforce the agreement made at the time of the sale.
“It’s unacceptable that more than £2.5 billion of money owed to the Ukrainian people can be allowed to remain frozen in a U.K. bank account,” Finance Minister Rachel Reeves said in a statement. Prime Minister Keir Starmer said Britain would issue a license to release the funds, adding: “My message to Abramovich is this: the clock is ticking. Honor the commitment you made and pay up now, and if you don’t, we are prepared to go to court so every penny reaches those whose lives have been torn apart by Putin’s illegal war.”
London sanctioned Abramovich after Russia’s 2022 invasion, triggering a rushed sale of the Premier League club and freezing the proceeds. The government insists the money be spent only in Ukraine, part of a wider European push to ensure Russia, not taxpayers, pays for the destruction caused by its war. Abramovich has previously sought more flexibility, arguing the funds should aid all victims.
In Moscow, President Vladimir Putin said Russia would achieve its goals in Ukraine “by diplomatic or military means” and vowed to expand a “security buffer zone.” “We would prefer to do this and address the root causes of the conflict through diplomacy,” he said. “If the opposing side and their foreign patrons refuse to engage in substantive discussions, Russia will achieve the liberation of its historical lands by military means.”
Putin said Russia is advancing on all fronts, while Defense Minister Andrei Belousov acknowledged Ukrainian forces are attempting to retake the northeastern town of Kupiansk—an effort he said was not succeeding. Ukraine said it had taken 90% of the town, which Russia said it captured in November. With the war at a key juncture as U.S. President Donald Trump pushes for a quick peace agreement, both sides are trying to shape perceptions of momentum.
Of the regions of Ukraine that Russia has claimed as its own territory, it currently controls Crimea, around 90% of the Donbas region and 75% of Kherson and Zaporizhzhia. Russia also holds territory in parts of Kharkiv, Sumy, Dnipropetrovsk and Mykolaiv. Putin accused European leaders of “whipping up hysteria” over a supposed Russian threat to the continent, calling it “nonsense,” while reiterating that Moscow is not seeking war with Europe.
For Brussels, the legal and political stakes are considerable. Proponents say using frozen Russian assets, including windfall profits generated by immobilized reserves, would provide predictable funding to Ukraine while reinforcing the principle that aggressors pay. Skeptics warn that poorly designed measures could trigger legal challenges, unsettle financial markets or undermine the euro’s standing—concerns reflected in Meloni’s caution.
The outcome of this week’s summit—and whether the EU can rally behind a legally robust plan—will shape Europe’s capacity to sustain Kyiv through another grinding year of war. The U.K.’s readiness to take Abramovich to court underscores the mounting pressure to convert frozen Russian wealth into concrete support for Ukraine, even as battlefield dynamics and diplomatic maneuvers intensify.
By Abdiwahab Ahmed
Axadle Times international–Monitoring.
