Ukrainian President Volodymyr Zelenskyy warned European leaders that failing to unlock €200 billion in frozen Russian assets would leave Ukraine vulnerable and encourage Vladimir Putin to abandon diplomacy altogether, according to a written Q&A session with Ukrainian journalists released on 18 December—hours before EU leaders vote on the contested funding mechanism.
“If Ukraine doesn’t have this money, it’s in a weaker position, and Putin’s temptation to seize us grows,” Zelenskyy said.
“He understands we’ll be more vulnerable. And it’s absolutely clear he definitely won’t want the diplomatic track—won’t want any diplomacy, any dialogue.”
The stark warning came as Zelenskyy flew to Brussels to lobby EU leaders personally ahead of the summit. Belgium has blocked the plan, demanding stronger guarantees before releasing assets held at the Euroclear depository.
Defense now, reconstruction later
Zelenskyy framed the frozen assets as serving two purposes depending on the war’s trajectory. During active fighting, Ukraine needs the funds to support its military and defense production, including European weapons manufacturing and American air defense missiles. If peace comes, the same money would shift entirely to reconstruction.
“If it’s war, we need this money to support our army and our defense production,” the President stressed.
“If the war ends—and we’re doing absolutely everything diplomatically for this—then such a decision on using these funds will be directed fully toward reconstruction.”
He described the vote as a matter of political will. “This decision is on the table. Today, it depends on political will. I will talk to all the leaders, make our arguments, and I very much hope we can get a positive decision.”
“A big problem for Ukraine”
Zelenskyy acknowledged Berlin talks with US officials on reconstruction support but said details remain unclear. He noted that the United States holds a smaller sum—$5-5.5 billion—on its territory. “We have to fight for that too. Every penny is very important for us today.”
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Without the EU decision, Zelenskyy was blunt: “It will be a big problem for Ukraine.”
The warning also carried an implicit challenge to Europe. “What will Europe do? What will the United States do?” Zelenskyy asked. “What will everyone else do?”
EU leaders answer today.
