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European Union leaders have committed to funding Ukraine's economic and military needs for the next two years

The push to approve the reparations loan for Ukraine has entered the final stretch ahead of an EU leaders' summit on 18 December. Belgium continues to oppose the proposal, while Hungary rejects the Plan B of joint debt. Ursula von der Leyen has warned there are "no easy options".

Leaders focus on bolstering Ukraine’s finances as US-Russia talks to end war make little progress

Ursula von der Leyen has offered sweeping guarantees for Belgium to agree to an unprecedented reparations loan for Ukraine. Belgian authorities say risks could be fatal. EU leaders will gather on 18 December to make a final decision. If no deal is found, the EU will resort to joint debt.

The latest effort to support Ukraine with immobilised Russian assets has suffered a new setback at the hands of the European Central Bank, which warned that the plan would violate EU treaties and undermine the institution's independence.

The reparations loan for Ukraine will prove to Washington that Europe is taking "very credible" steps to end Russia's war, High Representative Kaja Kallas said on Monday. It comes after the Belgian prime minister warned that the unprecedented proposal risked derailing the diplomatic process.

Belgian Prime Minister De Wever lashed out at plans for a reparations loan in a strongly worded letter to Ursula von der Leyen, calling it dangerous and wrong. European officials are seriously considering a bridge loan as clock ticks for the December summit. Belgian resistance is seen as entrenched.

EU plans to use frozen Russian assets to help Ukraine have prompted warnings that the move could push up government borrowing costs. But experts told Euronews Business that any impact on European debt markets is likely to be limited.

Prime minister says proposal violates international law and would destabilise financial markets