EU's loan agreement for Ukraine using Russian assets postponed to December

Heads of state and government of EU member countries issued a joint statement following hours of negotiations at the Leaders' Summit in Brussels regarding a multi-billion euro loan to be provided to Ukraine using frozen Russian assets. At the summit, Belgium took a firm stance on the EU's plan to use frozen Russian assets for a 140 billion euro loan to Ukraine. Belgian Prime Minister Bart De Wever accepted the phrasing that postpones the issue to December after long and complex negotiations.

In the final declaration adopted after the negotiations, which were prolonged due to Belgium—which hosts the majority of the frozen Russian assets—demanding that the risk be shared with other countries due to concerns over potential legal and financial retaliation from Moscow, it was stated: "The European Council is committed to meeting Ukraine's urgent financial needs for the 2026-2027 period, particularly its military and defense efforts. Therefore, the European Council invites the Commission to present financial support options as soon as possible based on an assessment of Ukraine's financing needs and asks the Commission and the Council to advance work on this matter. Thus, the European Council will return to this issue at its next meeting."

CALL FOR GAZA

In the section of the final declaration concerning the Middle East, it was stated that the agreement reached in the first phase of the peace plan presented by US President Donald Trump and the results of the Sharm El-Sheikh Peace Summit were welcomed. The declaration also called on all parties to commit to fully implementing all phases of the plan and to refrain from any actions that could jeopardize the agreement.

In the declaration, the European Council reaffirmed its commitment to a two-state solution that envisions Israel and Palestine living side by side in peace within secure and recognized borders. The declaration also called for the immediate, uninterrupted, and large-scale delivery of humanitarian aid to Gaza and for UN agencies and humanitarian organizations to be allowed to work independently.

Stating that the EU will also support the delivery of humanitarian aid via the Cyprus Maritime Corridor to complement land routes, the declaration said, "The EU expresses its readiness to contribute to the stabilization, transitional governance, recovery, and reconstruction of Gaza."

CALL TO DE-ESCALATE IN THE WEST BANK

The final declaration also called on Israel to de-escalate tensions in the West Bank, including East Jerusalem. The text of the declaration stated, "It calls for an end to settler violence, including against Christian communities, an end to the expansion of settlements which are illegal under international law, and a halt to Israel's military operation."

The declaration also included the statement, "The European Council calls on Israel to cancel the E1 settlement plan, which further undermines the two-state solution."

FULL DEFENSE READINESS

In the sections of the final declaration regarding European defense, it was confirmed that the EU aims to achieve full defense readiness by 2030 and that Russia's war in Ukraine poses an existential threat to European and global security. The declaration also included the decision to prioritize projects that are key to defense, such as the drone wall and the development of air defense capabilities. In the text of the declaration regarding defense, it was stated, "The European Council considers that member states should focus on concrete projects that will support joint efforts to strengthen capabilities, particularly anti-drone and air defense, to respond to the most urgent needs."

The declaration also noted that the steps taken by the EU in the field of security and defense would make a positive contribution to global and transatlantic security, stating, "This is complementary to NATO, which remains the foundation of collective defense for its members."