BRUSSELS—The European Union is racing against the clock to overcome Belgium’s objections to a plan to fund Ukraine’s defense using Russian money.
Ukraine is on course to run out of cash in the spring, EU officials say, and they see their loan proposal as the best option for allowing Kyiv to continue buying weapons. The plan would lend as much as 183 billion euros (about $213 billion) to Ukraine, backed by Russian financial assets that are immobilized in Belgium.
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