Overview
- The agreement secures roughly €90 billion for 2026–27 via EU-issued bonds backed by the EU budget’s headroom and national guarantees.
- The proposal to deploy frozen Russian sovereign assets was set aside, with leaders leaving the issue in the conclusions for further work and potential parliamentary scrutiny.
- Belgium’s position was decisive because Euroclear in Brussels holds the largest share of the estimated €210 billion in frozen Russian reserves, prompting concerns about litigation and financial stability.
- The compromise followed visible tensions as Germany’s Friedrich Merz pressed to use the assets while Italy’s Giorgia Meloni, joined by other cautious capitals, insisted on a solid legal basis.
- Separately, the EU–Mercosur trade deal signature was postponed to January after large farmer protests and demands from Italy and France for stronger safeguards for agriculture.