EU leaders set to discuss strengthening defence in Copenhagen
On Wednesday, EU leaders will meet in Copenhagen to discuss ways to strengthen European defence and provide additional support to Ukraine. Belgium expects to field questions on the sensitive subject of seizing frozen Russian assets held in Brussels.
The informal meeting is being held against the backdrop of recent violations of European airspace by Russian drones and fighter jets. Last week, drones were spotted flying over civilian airports and military installations in Denmark and Norway.
The violations are "a stark reminder that we must accelerate and deepen our efforts," European Council president António Costa wrote in a letter inviting European leaders to the meeting.
Deterrent power
Most leaders have long agreed that European defence must be strongly reinforced in light of the threat posed by Russia. The aim is for Europe to possess sufficient deterrent power by 2030.
"Within five years, Putin must be afraid enough of Europe to refrain from interfering in our territory or NATO territory"
"Within five years, Putin must be afraid enough of Europe to refrain from interfering in our territory or NATO territory," Belgian prime minister Bart De Wever told MPs on Tuesday in a briefing ahead of the meeting.
Costa will put several questions to EU leaders in Copenhagen, including on developing common defence capabilities, protecting the EU's eastern flank and coordinating enhanced defence cooperation more effectively.
Frozen assets
The leaders will also reconsider their support for Ukraine. On Tuesday, De Wever told MPs that Ukraine's financing needs would total tens of billions of euros in the coming years.
The Belgian prime minister said he expects to field questions on Wednesday regarding the use of frozen Russian assets held in Brussels. Around 180 billion euros of Russian central bank assets are currently held by Euroclear, a securities firm based in Brussels.
De Wever said that seizing funds from a central bank would violate international law and pose a "huge legal risk" for Belgium
Only the interest on these funds has been used to support Ukraine until now. In recent weeks, however, European Commission president Ursula von der Leyen has suggested that she wants to use the funds themselves to support Kiev. Last week, German chancellor Friedrich Merz made a similar plea.
Systemic and legal risks
On Tuesday, De Wever repeated his warning about the systemic and legal risks of using the frozen assets. He considers mobilising the funds to be a "quick fix" that would deprive Europeans of a trump card in any peace negotiations.
De Wever said that seizing funds from a central bank would violate international law and pose a "huge legal risk" for Belgium. He also highlighted the systemic risk to the eurozone if other countries were to conclude that their euro reserves were at risk of seizure.
According to a European source, the intention on Wednesday is to reach an agreement on the wider use of Russian assets, with any legal issues to be dealt with in a second phase.
The informal meeting will also discuss Ukraine's accession negotiations, as well as a new package of sanctions against Russia.
Police patrol outside Amalienborg Palace in Copenhagen in the wake of recent drone disturbances over Denmark just days before a meeting of EU leaders © PHOTO SEBASTIAN ELIAS UTH / RITZAU SCANPIX / AFP
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