EU leaders fail to agree to use frozen Russian assets to defend Ukraine

Belgium derails proposal to use billions located in Brussels to fund €140bn loan to Ukraine for its war effort

EU leaders have swerved a decision on using Russia’s frozen assets to fund Ukraine’s defence, despite a plea from Volodymyr Zelenskyy to take swift action to make Moscow pay for its war.

Hopes of agreeing a new way of funding Ukraine’s war effort were dashed after opposition from Belgium, which hosts most of the Russian central bank funds immobilised in the EU at the Brussels-based institution Euroclear.