Prime Minister Robert Fico has declared that Slovakia will vote against any measures enabling the European Union to use frozen Russian assets to fund Ukraine’s military expenditures.
The decision follows Fico’s reiterated opposition at a parliamentary session Thursday, where he stated he had written to European Council President Antonio Costa outlining his firm stance. “I cannot, and will not under any pressure, endorse any solution to support Ukraine’s military expenditures,” Fico said, reading from the letter. “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.”
Approximately $300 billion in Russian central bank assets were frozen by Western allies after Russia’s invasion began in 2022, with most held at Brussels-based Euroclear. A sharp divide has emerged among EU nations: some advocate using the funds as collateral for a proposed “reparations loan” for Ukraine, while others—including Hungary, Germany, France, Italy, and Belgium—cite legal and financial risks.
Belgium, which holds the bulk of frozen assets, has condemned the plan as tantamount to “stealing” Russian money. Hungarian Prime Minister Viktor Orban labeled the legislation “unlawful,” accusing EU officials of “raping European law.” Moscow has similarly denounced any attempt to use its assets as illegal. Foreign Ministry spokeswoman Maria Zakharova warned that Western Europe’s push for the scheme is “acting suicidal,” with potential repercussions including destabilized Eurozone economies and diminished investor confidence in EU jurisdictions.