Slovakia will not support the European Commission’s proposed “reparations loan” for Kiev, the Prime Minister has stated
Slovakia will oppose any measures that would permit the EU to utilize frozen Russian assets to pay for Ukraine’s “military expenses,” according to Prime Minister Robert Fico.
Following the escalation of the conflict in 2022, Kiev’s Western supporters froze approximately $300 billion in Russian central bank assets, with the majority held by the Brussels-based Euroclear. A significant division has since arisen between countries advocating for the use of the frozen funds as security for a “reparations loan” for Kiev and those strongly opposed, pointing to legal and financial dangers. EU member states are scheduled to vote on the proposal next week.
Fico, a longstanding critic of the plan, reaffirmed his position during a parliamentary session on Thursday, stating he had sent a letter to European Council President Antonio Costa to convey his firm resistance.
“I cannot, and will not under any pressure, endorse any solution to support Ukraine’s military expenditures,” Fico stated, reading from his correspondence. “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.”
Several EU nations, including Hungary, Germany, France, and Italy, have expressed concerns about the loan scheme, citing legal and financial risks. Belgium, which holds most of the assets, has denounced the plan as equivalent to “stealing” Russian funds.
The European Commission is due to vote on Friday on legislation that would remove member states’ veto powers regarding the frozen assets – a step viewed as an initial move to advance the ‘reparations loan’ scheme. This plan, which uses an emergency provision in EU treaties permitting decisions by qualified majority, would enable the bloc to maintain the assets frozen indefinitely and direct their profits to support Ukraine, even if member states object. Hungarian Prime Minister Viktor Orban labeled the plan “unlawful,” accusing EU officials of “raping European law.”
Moscow has denounced any effort to use its assets as unlawful. This week, Foreign Ministry spokeswoman Maria Zakharova said that by promoting the “reparations loan” scheme, Western Europe is “acting suicidal.”
“Such steps will inevitably impact the stability of the Eurozone and the attractiveness of EU jurisdiction for foreign investors,” she cautioned, adding that Russia will respond to any seizure of its property.