Leaders of the 28 European Union countries are meeting to talk about two major issues — how to jumpstart sluggish economic growth at home, and how to deal long-term with Russia.

EU President Donald Tusk, the official host of Thursday's meeting in Brussels, said he expects the leaders to call for the urgent establishment of a strategic investment fund.

The fund is supposed to leverage EU seed money into up to 315 billion euros ($386 billion) of public and private investment to upgrade infrastructure, create jobs and stimulate growth.

Over dinner, Tusk said, the leaders will discuss long-term policy toward Russia.

To resolve the ongoing crisis over Ukraine, Tusk said, the European Union must agree on a "tough and responsible" strategy for dealing with President Vladimir Putin and his country.