STRASBOURG:&nbsp;EU chief Ursula von der Leyen said Wednesday the bloc must take a decision on financing Ukraine at a crunch summit this week, with leaders under pressure to agree a plan to use frozen Russian assets. &ldquo;There is no more important act of European defense than supporting Ukraine&#39;s defense. The next days will be a crucial step for securing this, it is up to us to choose how we fund Ukraine&#39;s fight,&rdquo; von der Leyen told EU lawmakers. &ldquo;We know the urgency. It is acute. We all feel it. We all see it.&rdquo; 90B Euro loanVon der Leyen is pushing a plan to use frozen Russian central bank assets to provide Kyiv a 90-billion-euro loan over the next two years -- but that move faces fierce opposition from Belgium, which hosts most of the funds. Belgium fears the scheme could open it up to Russian reprisals and is insisting on rock-solid guarantees from other EU countries that they will share any legal and financial liabilities. Attempts to reassure the Belgian government have so far failed to break the deadlock, setting up a potentially marathon round of wrangling at the summit starting Thursday. In theory other EU leaders could override Belgium and ram the initiative through with a weighted majority -- but that would be a nuclear option that few see as likely for now. Fallback plan&nbsp;Von der Leyen&#39;s executive has floated a potential fallback plan of the EU raising the money itself to lend Ukraine. Diplomats have said that scheme appears to be a non-starter as it requires unanimous approval from the EU&#39;s 27 leaders and Hungary has ruled it out. &ldquo;We will have to decide which way we want to take, which route we want to take -- but one thing is very, very clear, we have to take the decision to fund Ukraine,&rdquo; von der Leyen said. &ldquo;This is also about strengthening Ukraine&#39;s ability to secure a real peace, one that is just, one that is lasting, and one that protects Ukraine and Europe.&rdquo;

Europe

Ursula von der Leyen tells EU lawmakers, ‘There is no more important act of European defense than supporting Ukraine's defense. The next days will be a crucial step for securing this, it is up to us to choose how we fund Ukraine's fight.’ 

Articles tagged with "EU chief Ursula von der Leyen"

Coming days crucial for keeping Ukraine funded: EU chief

Coming days crucial for keeping Ukraine funded: EU chief