'Money today or blood tomorrow': EU moves toward using frozen Russian assets to support Ukraine

As bloc countries hold crunch talks in Brussels on how to support the Ukrainian war effort today, Polish leader Donald Tusk said progress had been made in unlocking the funds.

The EU has yet to agree on how the frozen assets would be used, but a reparations loan based on the reserves appears most likely, Mr Tusk added.

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There is a unified position among EU member states that Kiev is in desperate need of increased financing next year, as it faces a foreign aid deficit of €45bn to €50bn in 2026.

Volodymyr Zelenskyy has warned that Ukraine will be forced to cut drone production if it does not receive a loan or financial support by the spring.

The Ukrainian president agreed with Mr Tusk's comments that EU leaders must choose between "money today or blood tomorrow".

He added that a final decision on how the EU will finance his country in the coming years must be made by the end of 2025.

Most of the €190bn in Russian assets frozen after the start of the war in 2022 are currently held in Belgium, Sky News reports.

Euroclear, the Brussels-based financial clearing house, is responsible for the cash, prompting concerns in Belgium about the potential legal consequences of using them.

Mr Tusk also warned that Polish independence would be threatened if Ukraine is forced to surrender.

Despite this, he said Poland and other EU nations will look to find a way to make Belgium feel comfortable about using the assets.

The Polish leader is set to meet with Mr Zelenskyy tomorrow afternoon in Warsaw.