EU leaders postponed a decision on using frozen Russian assets to fund Ukraine’s defense, despite President Zelenskyy urging swift action to hold Moscow accountable.

Opposition from Belgium, which hosts €183bn of Russian central bank assets at Euroclear, blocked an agreement, as Belgian officials sought guarantees that other EU countries would cover any losses if Russia challenged the plan.

The European Commission proposed using the assets to back a €140bn loan for Ukraine, repayable once Russia compensates for the war, without confiscating the funds or violating property rights.

While EU sanctions continue, including a ban on Russian liquefied natural gas, unanimity among member states is needed to maintain the frozen assets, with concerns about support from Hungary and other nations, The Guardian has reported.

Zelenskyy welcomed ongoing measures, emphasized the need for European weaponry, and downplayed reports of a separate 12-point peace plan, noting Russia shows no sign of ending the war.