President of the European Commission Ursula von der Leyen has stressed that the EU must decide on a solution for financial support for Ukraine at the summit on 18-19 December.

Source: Ursula von der Leyen's speech in the European Parliament, as reported by European Pravda

Details: Von der Leyen noted that supporting Ukraine in its defence is the most important thing Europe must do for its own security.

Quote: "The next day will be crucial for supporting this. It is up to us to choose how we fund Ukraine's fight. We know the urgency."

Details: Von der Leyen reminded that, according to estimates by the European Commission and the IMF, Ukraine will need around EUR 137 billion in 2026-2027.

Quote: "Europe should cover two thirds, that is EUR 90 billion. And this is not just about numbers, this is about strengthening Ukraine's ability to secure a real peace, one that is just, one that is lasting, one that protects Ukraine and, thus, also protects Europe. And it is laos about ramping up the cost of war for Russia.

This is why I proposed two different options for this upcoming European Council: one based on assets and one based on EU borrowing. And we will have to decide which way we want to take, which route we want to take. But, one thing is very clear: we have to take the decision to fund Ukraine for the next two years at this European Council."

Background:

• On 12 December, European Union ambassadors approved a decision to freeze Russian assets held in Europe for an indefinite period.
• This week EU leaders at the summit will discuss approving a "reparations loan" for Ukraine using Russian assets.
• Although a qualified majority is sufficient for this decision, it still remains in question due to resistance from Belgium, which fears legal consequences of such a step. As of Tuesday, the German chancellor assessed the chances of the decision being adopted or rejected as roughly equal.

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