European leaders have agreed to support Ukraine's "financial needs" for the next two years.

The leaders have failed to secure the release of billions of euros in Russian funds that have been frozen to support Ukraine's defense.

A proposed use of 140 billion euros of Russian money held in a Belgian bank has been postponed until next December after Belgium expressed concerns.

The controversial move was one of the biggest sanctions to be imposed on Russia.

On Wednesday, the United States imposed sanctions on its oil producing companies in a move aimed at reducing the Kremlin's oil revenues.

The meeting in Brussels comes ahead of another summit scheduled for Friday in London.

At the London meeting, Sir Keir Starmer is expected to ask European leaders to increase the number of long-range cruise missiles they provide to Kiev.

Last Thursday, European ministers discussed in Brussels how billions of euros in frozen Russian assets could be given to Ukraine as a “compensatory loan.”

Many EU governments had expected leaders to back the plan and ask the European Commission to prepare a formal legal proposal in the coming weeks.