They met in a small group, without diplomats, reports and spokespersons who usually travel to the official EU peaks. Only 27 heads of states and governments and several advisers in the Danish palace. Unlike formal meetings in Brussels, they did not have to accept the joint declaration at the end. All this was to enable open conversations and facilitate the search for answers to one of the most smoking questions of these months: how can Europe still support Ukraine in the future and thus keep Russia in chess?
European presidents, prime ministers and chancellor discussed this topic on Wednesday at the Christiansborg Palace in Copenhagen, the headquarters of the Danish government. The meeting was to last three hours and ended with a good five – apparently everyone wanted to comment on this topic. However, the meeting had to end because 27 heads of states and governments were invited to an evening dinner in the Danish royal home.
“We will continue this discussion at our next meeting of the European Council in October” – wrote in the evening the chairman of the EU Council Antonio Costa to X. In one matter, nothing has changed: the EU intends to definitely stand on the side of Ukraine.
The mood in Copenhagen seemed gloomy. Policemen patrolled streets with machine guns. Anti -aircraft missiles have also been arranged, because in recent days the Danish army has noticed suspicious drones several times.
The statements of the participants of the summit also showed how the situation was tense. – When I look at Europe today, I think we are In the most difficult and dangerous situation since the end of World War II – said the hostess of the meeting, Danish Prime Minister Mette Frederiksen. French President Emmanuel Macron warned that the continent is already in “confrontation with Russia”.
EU leaders during a meeting at the Christiansborg Palace. Copenhagen, October 1, 2025. In the foreground of Mette Fredriksen, the premiere of Denmark, Antonio Costa, chairman of the European Council, and Emmanuel Macron, President of France.Thomas Tarasdahl / Ritzau Scanpix / Ritzau Scanpix via AFP / AFP
So what should Europe do? One of the answers on Wednesday was: continue to support Ukraine. According to the logic, if Russian soldiers do not withdraw, President Vladimir Putin will soon threaten other countries, perhaps even EU members. However, there is a problem. Kiev ends money, and the financing of the army for the coming year is not provided. Three options were discussed in Copenhagen, but only one seemed feasible – and even this is a challenge.
Ukraine urgently needs money
First of all, support for Ukraine could be paid from domestic budgets, but this will probably excessively burden some highly indebted EU countries, such as France or Italy. Another option would be to finance it from the European budget, but there is almost no room for maneuver. Therefore, option number three remains: the use of Russian funds frozen in the EU.
In 2022, Brussels took over EUR 210 billion [ok. 890 mld zł] belonging to the Russian Central Bank, most of which are stored by the Belgian EUROCLEAR settlement chamber. The European Commission shall transfer interest on Ukraine on this money. Some European governments would like to provide Kiev with the whole sum, but others – including the German government – warn that this would break international law and destroy trust in Europe as a financial center.
The EU faces a dilemma. The confiscation of Russian funds would be too far -reaching for most members – and interest itself is not enough. Although around EUR 10 billion was sent to Ukraine in the first half of this year [ok. 42 mld zł], The World Bank estimates that the reconstruction will cost over EUR 500 billion [ok. 2,1 bln zł]. In other words, many times more.
Continued article under video material
Therefore, politicians discussed a possible compromise at the Christiansborg Palace. Speaking simply The commission wants to pay Ukraine frozen Russian funds in the form of an interest -free loan. Kyiv should repay the loan only when Russia ends the war and repares.
All this sounds like technology, but it would be a radical measure. Diplomats call this solution Game Changer. It seems that it would be currently the most powerful tool of Europe against Russia, A real repellent that could force Putin to calculate again, or it pays to continue the war. The EC wants to provide Ukraine EUR 140 billion [ok. 507 mld]to largely cover the country's needs in 2026 and 2027.
The “repaired loan” gradually gains supporters
Europe will no longer finance Ukraine step by step, installment after installing, but it could provide its long -term financial security. Putin would have to be prepared for the fact that the war would last for years – and that it would cost Russia horrendous sums of money. The Kremlin's expenses on the army are already high – last year amounted to almost $ 150 billion. [ok. 543 mld zł]which corresponds to 7 percent. GDP. Negotiators in Copenhagen hope that Moscow will not be able to maintain this level for a long time.
However, there is one hook. If Brussels is forced to release Russian funds for any reason or Ukraine will not be able to pay off the loan, EU countries will have to enter the action. Germany would have to provide a guarantee for a total amount of EUR 30 to 40 billion [ok. 127-170 mld zł].
Commission officials believe that It is unlikely that EU countries be actually asked for payment. Finally, as they say, sanctions against Russia will probably remain in force for a long time. Ultimately, however, it can be assumed that Vladimir Putin will not get access to billions frozen in Belgium in the near future.
Europe would not draw Putin's money, but this is a dramatic return. Even such a “repaired loan”, as EU officials call it, was until recently considered too risky. It is mainly thanks to the German Chancellor Friedrich Merz this idea now gains support. He wants Kyiv to use money to buy weapons – especially European. Thus, the peak at the Christiansborg Palace once again shows a slow but permanent EU transformation: from the large market and free trade zone to the military community.
Friedrich Merz, German Chancellor, and Emmanuel Macron, President of France, at the summit in Copenhagen, October 1, 2025.PAP/EPA/IDA Marie Odgaard
Like Merz, many people in Copenhagen called Moscow to use. – I'm the most [pomysłem]. It is simply unacceptable to recognize all these frozen assets as Russia Without the possibility of using them for Ukraine, ”said Ulf Kristersson, the Prime Minister of Sweden. The heads of the Netherlands, Finland and Estonia's government were also in favor.
However, caution was expressed by French President Emmanuel Macron. “When the assets are freezed, international law must be observed,” he said. The result of the debate will probably be revealed at the ordinary EU summit at the end of October. Then decisions are to be made.
Indignation in the Kremlin. “In Russian we simply call it theft”
And Russia? Moscow warned on Wednesday that every committed person and country will be held responsible. – We are talking about plans for illegal confiscation of Russian property – said spokesman for President Dmitry Pieskov. – In Russian we simply call it theft.
However, the Kremlin's options are limited. Any embargo would have little impact, because trade from the EU broke down and Almost nobody has any assets deposited in Russia. It seems that at least Europe does not have to worry too much with economic retaliation on the part of Moscow.
I’m Ashley Davis as an editor, I’m committed to upholding the highest standards of integrity and accuracy in every piece we publish. My work is driven by curiosity, a passion for truth, and a belief that journalism plays a crucial role in shaping public discourse. I strive to tell stories that not only inform but also inspire action and conversation.
