BRUSSELS - European Union ministers are meeting in the Belgian capital on Nov 12 to tackle one of their continent’s most pressing problems: raising financial support for Ukraine, as that country battles Russia’s military invasion.

Ukraine is estimated to need between €130 billion and €140 billion (S$196 billion to S$211 billion) to finance its defences and war-shattered economy over the next 18 months. In the absence of United States support, European governments have only two options: either seize Russian assets currently frozen in Western countries and transfer the proceeds to Ukraine, or borrow the money on world financial markets.