• EU leaders discuss a potential €140 billion loan for Ukraine funded by frozen Russian assets.
• Belgium raises legal concerns over using Russian assets for funding.
• President Zelensky urges swift decision on financial support for Ukraine's defense efforts.
• The European Commission is tasked with exploring options for continued funding.
• US sanctions on Russia coincide with EU's discussions on financial aid for Ukraine.

European Union leaders met in Brussels to discuss a proposal to support Ukraine using frozen Russian assets, specifically aiming for a €140 billion loan for the next two years. While there was significant dialogue around this issue, the EU ultimately delayed approval due to concerns primarily raised by Belgium regarding the legality of accessing these assets held in Euroclear, a major financial institution located in the country, according to Al Jazeera and South China Morning Post.

Despite Belgium's concerns, European Council President Antonio Costa voiced strong support for assisting Ukraine, stating, “The EU is committed to addressing Ukraine’s pressing financial needs... Russia must stop the war immediately.” The European Commission has been directed to explore viable funding solutions to provide necessary aid, reflecting a cautious yet strategic progression toward utilizing frozen Russian assets, reports Le Monde and Al Jazeera.

Ukrainian President Volodymyr Zelensky emphasized the necessity of this funding by stating, “Russia brought war to our land, and they have to pay for this war.” He reiterated the importance of securing these funds and urged EU leaders for timely decisions, as Ukraine's military and defense efforts depend significantly on this financial backing, as mentioned by Le Monde and South China Morning Post.

In the meantime, EU leaders have also coordinated further sanctions against Russia, particularly concerning energy exports, following new US restrictions on Russian oil companies. This dynamic amplifies the urgency behind developing a robust financial plan for Ukraine as it continues to defend itself against ongoing aggression, reflecting a unified approach to handle the situation, according to Al Jazeera and South China Morning Post.