Bloomberg reported the information.The European Union plans to secure a political agreement on utilizing the frozen assets at next week's Brussels summit, with officials aiming to have a legal framework in place by the second quarter of next year. The urgency has intensified as Europe shoulders greater responsibility for Ukraine's military and economic survival, while several member states grapple with their own political instability and budget crises.President Volodymyr Zelenskyy has criticized some allies for delays in funding a special procurement program that enables Ukraine to purchase American weapons with European-provided money. He said Kyiv was targeting $1 billion monthly to "fully realize its potential," though only about $2 billion has been contributed so far by six countries. Ukraine continues pressing for more air defenses and long-range strike capabilities as Russia relentlessly bombards its cities and energy infrastructure.Under the proposal being debated, Ukraine would receive roughly €140 billion in new loans backed by the frozen assets. Crucially, repayment would only occur if Russia compensates Ukraine for war damages—a condition the EU has maintained for unfreezing the funds. Brussels is also exploring ways to keep the assets blocked through majority voting rather than requiring unanimous consent.The plan includes providing guarantees to Euroclear, the Belgian clearing house holding the assets, to protect against potential Russian legal challenges. Moscow has threatened retaliation if the assets are seized, though EU officials stress their approach doesn't constitute outright seizure.Belgium has resisted the initiative, demanding ironclad legal assurances about the guarantees. Member states are also debating loan conditions, including whether funds should support military purchases, economic needs, or both, and what portion must be spent on European-sourced supplies.Officials estimate Ukraine may need over $200 billion through decade's end if the war continues. The EU wants to coordinate with other G-7 nations, which collectively froze approximately $300 billion in Russian central bank assets. UK Prime Minister Keir Starmer confirmed Britain's readiness to participate following discussions with French and German leaders.G-7 finance ministers will address the matter this week alongside new sanctions targeting Russia's energy revenues. The group already provides Ukraine with profits generated by the immobilized assets.Meanwhile, EU leaders will attempt to finalize the bloc's latest sanctions package at next week's summit, including a 2027 ban on Russian liquefied natural gas and restrictions on third-country entities facilitating Moscow's energy trade. Slovakia and Austria have blocked the measures so far.