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During ongoing conference negotiations, Volodymyr Zelenskyy has urged European Union representatives to execute actions utilizing seized Russian funds to support Ukraine's defense campaign "without delay".

Urgent Decision Needed

Addressing European Union leaders in the EU capital on the summit day, the Ukrainian leader highlighted the critical need to completely use Russia's assets for his country's security against current aggression.

"Those who procrastinates this decision is not only limiting our defense but also slowing down your own advancement," he affirmed, assuring that Ukraine would allocate substantial money in buying EU-made armaments.

European Union Funding Initiative

European Union leaders are currently discussing proposals to fund an interest-free loan for the country backed by Russia's central bank assets, which were immobilized soon after the extensive military incursion.

EU commissioners has proposed a substantial financial non-interest loan, with possible instructions to draft comprehensive juridical texts aiming to finalize the initiative by December.

Global Positions

The Kremlin has characterized the plan as "illegal seizure" and has pledged to pursue any entities or countries considered to have appropriated Russian funds.

Belgium, which holds 183 billion euros at the financial institution, constituting the majority of all Russian government resources within the EU, has expressed concerns about the initiative.

"Should you want to move forward, we will have to proceed collectively," commented Bart De Wever, highlighting the need for guarantees that all EU countries would share the financial burden if Moscow attempted to reclaim its money.

Global Cooperation

About 33% of Russia's government assets are maintained beyond the European Union, including in Japan (28 billion euros), the UK (€27 billion), the North American country (15 billion euros) and the America (4 billion euros).

• Japan maintains significant Russia's resources
• Britain holds substantial Russian economic holdings
• Canada has substantial Russian resources
• United States maintains reduced but important holdings

Political Challenges

The Hungarian government, recognized for its Russia-friendly policies, has frequently slowed European Union sanctions and while it has never attempted to block them, its skeptical statements create concerns about continued endorsement.

The Hungarian leader skipped the defense talks to participate in ceremonies in Budapest marking the 1956 Hungarian revolution.

Latest Measures

Earlier, the European Union agreed its 19th set of restrictive measures against Russia, focusing on liquefied natural gas for the initial occasion.

This move was subsequent to similar steps by the American government, which imposed measures on Russia's primary oil companies, major Russian enterprises.

Confidence in Resolution

Despite persistent differences over the compensation package, several officials demonstrated assurance in reaching an agreement.

"During these discussions we will establish the important resolution to guarantee the monetary necessities of Ukraine from 2026 to 2027," declared a leading EU leader, describing the outstanding tasks as "procedural matters".

The Latvian prime minister commented that an agreement on the loan would strengthen Zelenskyy in any possible peace talks.

Diplomatic Possibilities

Ukrainian leadership has diminished information of a 12-point ceasefire proposal that surfaced recently, indicating it was the effort of "supportive nations" seeking to anticipate "an initiative from Moscow".

Zelenskyy emphasized that Russia has demonstrated no indication of wishing to stop the hostilities, citing recent attacks on populated areas.

"Increased sanctions on Russia and they will participate and discuss and I think this is the plan," he concluded.