CNBC's Ritika Gupta reports from Brussels as European Union leaders meet to decide on using frozen Russian assets for Ukraine's war effort. Hungarian Prime Minister Viktor Orbán tells CNBC using frozen Russian assets is a ‘dead end’.

Brussels

Russian forces have invaded Ukraine from land, air and sea with strikes causing widespread damage. Global leaders have condemned the move and imposed sanctions.

Ukraine Invasion

European Union leaders are facing a critical decision on whether to use frozen Russian assets to finance support for Ukraine. The proposal, which aims to provide a 90 billion euro loan to cover two-thirds of Ukraine's military and economic needs over the next two years, has sparked significant debate among member states.

Countries such as Hungary, Slovakia, Czechia, Malta, and Italy have expressed opposition, citing legal and financial risks, while others suggest alternative funding through international capital markets. The lack of consensus comes as Ukraine faces the risk of running out of funds by April, increasing pressure on EU leaders to reach an agreement.

Europe faces crunch decision on using frozen Russia assets for Ukraine

Enjoying her first Brussels Council meeting. How are you enjoying it, Ritika? It's pretty frenetic stuff, isn't it? Yeah, fascinating here. Just the divide that we've been talking about with these EU member nations. And that really is the big question today. I'm in the Europa building. We've seen several European leaders walk past. I've spoken to some of them. Will they get a qualifying majority of European members in favour of backing Ukraine financially? And most crucially, will it be with those frozen Russian assets? That is the controversial question here. And it is looking to be more and more complicated as we inch closer to that deadline. I spoke to Viktor Orban of Hungary. This is what he's had to say on the weather. Russian frozen assets are still on the agenda today. I think it's killed. It's dead end. It's over. There is no sufficient high-level number of support behind it. And are you acting in Europe's best interest or Moscow's? Sorry? Are you acting in Europe's best interest or Moscow's? I'm just working for the peace because I think what we have to do to make some steps to the peace, not to the war. I also spoke to Kaya Callas of the EU and I asked her if using these Russian frozen assets, if that would jeopardise a US peace deal. Take a listen. The peace deal is jeopardised by Russia that hasn't accepted anything. So again, there is a strong push for peace but it's one-sided as Russia hasn't agreed to anything. So that is the main risk. Again, Russia is the one who has started the war, who is doing the bombing, harming the civilians. They can also stop this war and we need to do everything that they will. And that's why we have the pressure, that's why we have the sanctions and that's why we are also working on the reparations loan so that there will be funding for Ukraine for the next two years. To give you the background, the context of course, when it comes to this reparations loan, the idea is to provide 90 billion euros of loan to cover two-thirds of Ukraine's finances that it needs for military, for the economy over the next two years. Now we heard from the Russian central bank just last week saying that they would sue the Belgian bank Euroclear in response to this EU loan plan. It isn't just Moscow that's unhappy, we know Belgium is very concerned about the huge legal financial costs that it would have to pay if Russia did successfully sue Euroclear. Then there's also the likes of Slovakia, Czechia as well as Malta, Italy that are opposing this EU plan. Some of them proposing alternative measures, borrowing from the international capital markets. So there's still not so clear cut when it comes to the decision. The risk though being if this EU fails to get this through, where does that leave Ukraine? It needs this urgent financial support, it's set to run out of money by April. The deadline is approaching and where does that put it when it comes to those crucial negotiations with the US? I've got so many questions but only one of them for you. What is plan B? If plan A is the one that Calas and Germany and others including Von der Leyen want to go with which is using these frozen assets and if Orban and Czechia and Malta and the Belgians don't want it, what is plan B that we're going to come up with today? The alternative measure that other countries are proposing, those that are not in favour of using the Russian frozen assets because they say it's not legal, they're saying to go to international capital markets, they're proposing a euro bond. We know Germany doesn't think this is the best measure, they don't want the European taxpayers to be on the hook for this. So they are saying that the Russian frozen assets is still the most viable option in their view but clearly we can't seem to get a consensus but more of the leaders that I've spoken to coming by they are determined that they will get a decision today, Steve.

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Europe faces crunch decision on using frozen Russia assets for Ukraine

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