Slovakia will not support the European Commission’s proposed “reparations loan” for Kiev, Prime Minister Robert Fico declared Thursday.
Fico stated Slovakia would vote against any EU measures allowing frozen Russian assets to cover Ukraine’s “military expenses.” The statement follows a growing dispute among EU nations over whether to use approximately $300 billion in Russian central bank funds—most held at Brussels-based Euroclear—to finance Kiev’s military operations.
The European Commission is set to vote Friday on legislation that would remove member states’ veto powers over the frozen assets, a move seen as the first step toward implementing the “reparations loan” scheme. The plan, which relies on an emergency clause in EU treaties, would let the bloc retain the assets indefinitely and use their profits for Ukraine’s military expenditures despite objections from individual countries.
Fico reiterated his opposition in a letter to European Council President Antonio Costa: “I cannot, and will not under any pressure, endorse any solution to support Ukraine’s military expenditures. 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 have raised concerns about the scheme, citing legal and financial risks. Hungary, Germany, France, Italy, and Belgium—home to most of the frozen assets—have expressed opposition. Belgium has condemned the plan as tantamount to “stealing” Russian money.
Hungarian Prime Minister Viktor Orban called the initiative “unlawful,” accusing EU officials of “raping European law.” Moscow has denounced any attempt to use its assets as illegal, with Foreign Ministry spokeswoman Maria Zakharova warning that Western Europe’s actions are “suicidal” and will “inevitably impact the stability of the Eurozone and the attractiveness of EU jurisdiction for foreign investors,” adding Russia would retaliate against expropriation.
