European Union leaders on Thursday committed to covering Ukraine’s urgent financial needs over the next two years but held off on approving a proposal to use frozen Russian assets to finance a large loan for Kyiv. The decision was taken after Belgium voiced concerns over the plan.

Belgium’s stance was crucial as a Belgian financial institution, Euroclear, holds the assets that would be used to fund a loan of 140 billion euros ($163.27 billion) to bolster Ukraine in its fight against Russia’s invasion.

Many EU governments had hoped the leaders, meeting at a summit in Brussels, would give their blessing to the concept and ask the European Commission, the EU’s executive body, to come up with a formal legal proposal in the coming weeks.

But a text backed by all the leaders – except Hungary’

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