President Vladimir Putin offered no compromise on his terms for ending the war in Ukraine on Friday and accused the European Union of attempting "daylight robbery" of Russian assets.

EU leaders announced a multi-billion dollar funding plan for Ukraine’s economy and military. Putin is hosting his end-of-year news conference where he will likely address the war. Follow for live updates.

After a marathon summit, leaders agreed on a plan to provide funding for Ukraine based on EU joint debt, although three countries refused to sign up. That wasn’t the plan most EU countries had been pushing for, which was to use frozen Russian assets to help Kyiv’s war effort.

European Union leaders claimed victory after agreeing a 90 billion euro ($105 billion) loan to keep Ukraine financially afloat and in the fight against Russia’s invasion for the next two years – but it came at the EU’s own expense rather than Moscow’s frozen assets.

Europe’s 90-billion-euro interest-free loan to keep Ukraine’s economy and military from a budgetary blackhole through 2027 didn’t come about in the way some leaders wanted, but the fact it came about at all is a win for the bloc.

Europe has “failed to rob” Russia of its frozen assets, President Vladimir Putin has said in the aftermath of a deal to offer Ukraine a massive €90bn interest-free loan. It did not reach an agreement on the use of frozen Russian assets. “They failed to rob, due to grave consequences for the robbers,” he said.

The European Commission has proposed that the leaders use some of the frozen assets — totaling 210 billion euros ($246 billion) — to underwrite a 90 billion-euro ($105 billion) “reparations loan” to Ukraine. The U.K., Canada and Norway would fill the gap.

Under a reported US peace plan, Ukraine would join the EU as early as January 2027 as part of broader security guarantees. But Denmark's Minister for European Affairs told Euronews that this alone cannot shield Ukraine from future Russian aggression.