On Friday, the Council of the European Union decided that €210 billion worth of assets belonging to the Central Bank of Russia will remain frozen until Russia ends its war of aggression against Ukraine, compensates Ukraine for the damage caused, and its military activities no longer pose a threat to the EU's economy.

On Thursday, member states will decide how to begin using the assets for Ukraine's benefit.

MEP Riho Terras (Isamaa) said Berlin will play a decisive role in persuading the rest of Europe. He believes Germany is currently the most assertive country in the European Union.

"It largely depends on how the German chancellor [Friedrich Merz] asserts himself next week, and how Europe as a whole asserts itself on the world stage. Europe must understand that if this opportunity is missed, the Americans, the Chinese, and others will stop taking Europe seriously altogether," Terras said.

Jaak Madison (Center) said that providing a loan to Ukraine secured by the frozen assets raises the question of whether those assets will eventually be confiscated. Several European governments fear that if Russian funds are ultimately confiscated, their own taxpayers may have to pay that money back one day.

"The question is how those costs will be distributed. According to very optimistic forecasts, the burden on Estonian taxpayers would be €400–450 million; under a negative scenario, up to €1 billion," Madison said.

According to Politico, in addition to Belgium, Italy, Malta, and Bulgaria have also called on the European Commission to find alternative ways to use Russian assets in support of Ukraine. Incoming Czech Prime Minister Andrej Babiš said in a recent social media post that the Czech Republic will not provide any guarantees for financing Ukraine.

MEP Urmas Paet (Reform) said the European Council summit will be tense until the very end.

"For example, if Hungary or Slovakia opposes the decision, they do not have enough votes to block it. But if they are joined by another country, including a larger one, then the decision might not go through," he said.

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