LONDON, U.K.—European leaders rallied around Ukrainian President Volodymyr Zelensky in London on Monday, urgently declaring that “now is a critical moment” to massively increase military and financial support for Kyiv. The commitment, made during crisis talks hosted by British Prime Minister Sir Keir Starmer, comes as European allies grapple with the immediate threat of a major financial shortfall and concerns over the direction of U.S.-led peace negotiations.
President Zelensky, French President Emmanuel Macron, and German Chancellor Friedrich Merz joined Sir Keir Starmer at 10 Downing Street, where the core message was one of unwavering European resolve as diplomatic pressure from Washington for a swift peace settlement mounts.
The Call for a ‘Ramp Up’
Following the private talks, Sir Keir convened a call with other European allies, urging a collective response to what appears to be a military and economic crunch point for Ukraine as winter sets in.
- Joint Declaration: A Downing Street readout confirmed that the leaders agreed to “continue to ramp up support to Ukraine and economic pressure on Putin to bring an end to this barbaric war.”
- The Context: The unified European front emerged just hours after U.S. President Donald Trump publicly criticized Zelensky, claiming the Ukrainian leader had failed to embrace the latest U.S. peace plan, a deal many critics view as significantly favoring Russian demands for territorial concession.
- A Two-Track Strategy: The European leaders affirmed that, even as diplomatic efforts continue, Europe must simultaneously strengthen Ukraine’s defensive capability to withstand relentless Russian attacks that have left thousands without heat or light.
Unlocking the Russian Billions
The central challenge discussed was plugging the financial gap created by the stalled U.S. aid and the sheer cost of keeping Ukraine’s government and military operational. The focus immediately turned to the billions in immobilized Russian sovereign assets held in European financial institutions, primarily in Belgium.
- ‘Positive Progress’: Downing Street reported “positive progress” was made on proposals to use these frozen assets—estimated at over €210 billion—to support Ukraine’s reconstruction and secure vital long-term loans.
- The Reparations Loan: Seven EU leaders, including those from Poland and the Baltic states, published a letter calling the proposed “reparations loan” secured against the assets the “most financially feasible and politically realistic solution.”
- The Belgian Hurdle: The plan faces staunch opposition from Belgium, which worries about the legal and financial risks of using the funds as collateral. Despite these obstacles, the urgency of Ukraine’s financing needs, which could see Kyiv run out of cash by mid-2026 without a solution, means a decisive vote is expected at the upcoming EU summit on December 18-19.
Security Guarantees as the European Contribution
The talks also focused on finalizing Europe’s own contribution to Ukraine’s post-conflict security, an issue of growing importance given the U.S. administration’s reluctance to offer explicit, long-term security guarantees.
President Zelensky described the talks as “productive,” confirming that a refined, 20-point joint European and Ukrainian proposal for a peace framework—stripped of “obvious anti-Ukrainian points”—would be ready to share with the U.S. in the coming days.
The summit signals a major moment of European self-reliance and unity, with leaders determined to use their collective economic and military strength to ensure Ukraine can negotiate a peace agreement from a position of strength, not desperation.