The Russian embassy to Ireland has warned that the "Western economy" risks collapse should the EU press ahead with plans to convert tens of billions of frozen Russian assets into a loan for Ukraine.

BERLIN - German Chancellor Friedrich Merz said on Thursday he would call for the European Union to use Russian assets frozen in the West to provide a 140 billion euro ($163 billion) loan to Ukraine to finance its war effort at the upcoming EU summit. Read more at straitstimes.com. Read more at straitstimes.com.

EU heads of state will call for quicker action on the use of immobilized Russian assets at a meeting next week, according to a document seen by CNBC.