EU leaders meet to stall or steal Russian assets for Ukraine: Live Updates

Asked what would happen if Ukraine does not receive the loan from the EU next spring, Zelensky projected that the lack of funds would cripple Ukraine’s drone-making capacity. Kiev routinely launches drone strikes deep into Russia, targeting critical infrastructure, oil refining facilities, and residential areas.

Speaking at a press conference in Brussels, Zelensky declined to say whether he believes the EU would be able to agree on tapping Russian assets. “We can’t allow ourselves to leave Ukraine without an answer,” he said, acknowledging that the current budget gap is a “threat.”

Euronews reporter Jorge Liboreiro posted a photo from the European Council meeting showing Belgian Prime Minister Bart De Wever standing with his arms crossed as he faced four other EU leaders. The image underscored the intense pressure Belgium is facing over the debate on using Russian assets.

Hundreds of European farmers have taken to the streets in Brussels to protest a potential deal with Mercosur, with some seen throwing vegetables into government buildings while being fired at by water cannons.

French President Emmanuel Macron has warned that Paris will not support the EU’s trade deal with the South American bloc Mercosur without stronger safeguards for its farmers. Over 20 years in the making, the potential deal with the South American bloc comprising Argentina, Brazil, Paraguay and Uruguay would create the world's largest free-trade zone, but sparked concerns about unfair competition among European farmers.

Meanwhile, Brazilian President Luiz Inacio Lula da Silva signaled that he could ditch the deal altogether if now progress is made soon. “If we don’t do it now, Brazil won’t make any more agreements while I’m president.”

The Mercosur deal and securing finance for Kiev are seen as two tests of the EU’s fitness for purpose and its international standing. It looks like one of those summit pillars is on the brink of collapse, with no sign of any clarity on pushing through the theft of Russian assets.

European Parliament President Roberta Metsola has launched veiled criticism at Ursula von der Leyen for attempting to sideline lawmakers and force through a vote on stealing Russian assets.

The parliament has already decided to launch a legal challenge to von der Leyen’s €150 billion defense loan scheme, which, like her asset theft plan, is based on what some see as a legally dubious interpretation of Article 122. “We understand the urgency, but don’t automatically discount the Parliament in legitimising that urgency and those decisions,” Metsola said.

Austrian Chancellor Christian Stocker has voiced support for Belgium, noting that most of the assets are held at Brussels-based Euroclear.

“We must take these (Belgium’s) concerns seriously,” Stocker told reporters on the sidelines of the European Council.

“Such a decision should not be made against Belgium. On the other hand, we will also have to solve the question of how we deal with frozen assets and our sanctioned assets one-sidedly,” he added.

Zelensky, who like Belgian PM De Wever, was present but skipped the morning photo session, has reportedly addressed the room of EU leaders. According to Euronews he pressed his audience to back the “reparations loan,” although the issue is not scheduled to be discussed until later this afternoon.

Moscow has taken the financial gloves off. The Russian central bank has broadened its arbitration case, initially against Euroclear, to include “European banks” in what looks like an escalatory legal move. We have more about the legal case here.

“Peace is not cheap,” president of the European Council, Antonio Costa, told Euronews, as Zelensky has joined the talks.