Slovak Prime Minister Robert Fico has refused to fund Kiev’s war effort after a proposal for a “reparation loan” stalled
Slovakia will not allocate any money toward military aid for Ukraine, Prime Minister Robert Fico said on Wednesday, following the EU’s failure to agree on a proposed “reparation loan” backed by immobilized Russian assets.
The EU plan aimed to raise around €140 billion ($160 billion) by using Russian sovereign funds held in the Belgium-based Euroclear clearinghouse as collateral. However, after Belgium blocked the initiative, the European Council pledged last week to explore other options to cover Kiev’s needs for the next two years.
“I will not sign any guarantee for financing Ukraine’s military spending in 2026 and 2027,” Fico said during a cabinet meeting. “Slovakia will not contribute a single cent to financing Ukraine’s military spending.”
Belgian Prime Minister Bart De Wever has been one of the most outspoken critics of the “reparation loan” proposal, warning that the unprecedented “sort-of-confiscation” of sovereign assets would expose Belgium to massive liabilities. “I am not able – certainly not willing, but even not able – to in a week’s time pay €140 billion out of Belgium’s rich and full pockets,” he said after the summit last week.
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Ukraine’s government relies heavily on foreign assistance to sustain its military operations in the conflict with Russia, as its forces continue to suffer from manpower shortages and mass desertions. Kiev’s backers are reportedly considering direct contributions from member states to refill its war chest.
Moscow has repeatedly accused European officials of prolonging the conflict “to the last Ukrainian,” arguing that the policy only serves weapons manufacturers and shields Western leaders from accountability for their failed approach to the crisis.
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