Russian President Vladimir Putin warned on Friday of risks for international reserves held by the world's top oil producers in the European Union, following discussions by EU leaders about using Russian assets to finance Ukraine.

The European Union is on the precipice of a momentous decision on whether to use frozen Russian assets to finance more support for Ukraine. Critics argue the plan is legally questionable and risks retaliation by Moscow.

EU leaders’ €90-billion loan to Ukraine draws sharply contrasting reactions with Moscow calling it a “major blow,” while Zelenskyy hails it as a vital boost to Kiev’s defence and financial stability.

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.

The European Union has imposed sanctions on five businessmen linked to Russian oil companies Lukoil and Rosneft.

Leaders of eight easternmost European Union nations are gathering in Helsinki on Tuesday to plot a roadmap for how to secure as much funding as possible for building up defenses against Russia.

President Vladimir Putin said on Wednesday Russia would take more land in Ukraine by force if Kyiv and European politicians whom he cast as "young pigs" did not engage over U.S. proposals for a peace settlement.