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Latin Times
Latin Times
Politics
Miguel Paiva

Belgium Blocks €185 Billion Deal as Ukraine Faces a $78 Billion Funding Cliff in Next Year

Belgium Euroclear European Union Ukraine Brussels De Wever Bart De Wever Moscow Russian Central Bank Volodymyr Zelenksyy
European Commission President Ursula von der Leyen; Prime Minister Bart De Wever; French President Emmanuel Macron and Luxembourg Prime Minister Luc Frieden pictured during a European Council Summit (15-16/10) on Thursday 15 October 2026 in Brussels. European leaders will discuss European competitiveness, particularly energy prices. They will also address the EU's long-term budget for 20282034, continued support for Ukraine, Russia-linked hybrid attacks in Europe, migration, enlargement and reforms, and the situation in the Middle East.BELGA PHOTO NICOLAS MAETERLINCK (Credit: Photo by NICOLAS MAETERLINCK / BELGA MAG / Belga / AFP via Getty Images)

The Briefing

  • Belgian Prime Minister Bart De Wever held firm to his veto at the October 15-16 EU summit in Brussels, blocking any agreement to deploy the roughly €185 billion in Russian central bank assets held at Euroclear toward Ukraine's war effort.
  • Ukraine faces an unresolved $78 billion external financing gap for 2027 — $45 billion for military operations and $32.6 billion to keep civilian government functions running — even as the EU declared 2026 needs fully covered.
  • Russia's legal counteroffensive has escalated: a Moscow court ordered Euroclear to pay approximately $249 billion on May 15, and Euroclear responded by filing its own suit in Brussels on June 30.
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