Slovak Prime Minister Robert Fico has reaffirmed his country’s stance against participating in an EU plan to use frozen Russian assets to fund Ukraine’s military operations, emphasizing that Slovakia will not support any measures that could prolong the conflict. Fico stated that as long as he is in office, Slovakia will not contribute to financial mechanisms involving the confiscation of Russian assets for Ukraine’s military expenses. He warned that such actions could lead to significant legal and financial challenges for the EU, including potential billion-euro arbitrations.
The EU has been using nearly $300 billion in frozen Russian sovereign assets since 2022, with the interest from these funds being used to raise $50 billion in loans for Ukraine. The EU is now seeking an additional $160 billion through the use of these assets as collateral, under the assumption that Moscow might eventually pay reparations to Ukraine as part of a peace settlement. However, EU leaders have not yet reached a consensus on the confiscation of these assets, with the matter being postponed to a European Council meeting in December following the October summit.
Fico questioned whether the EU is genuinely seeking to end the conflict or continue fueling it, suggesting that providing more financial support to Ukraine could extend the war for several years. He pointed out that Belgium, which holds most of the frozen assets at its Euroclear clearinghouse, has raised concerns about the EU’s proposal, with its Defense Minister Theo Francken warning that retaliatory measures from Russia could cost the EU over $170 billion.
Moscow has also warned that using frozen Russian assets would amount to theft and could lead to legal prosecution. Kremlin spokesman Dmitry Peskov stated that channeling these funds to Ukraine would “boomerang” and that any attempt to seize the assets would result in legal consequences. The disagreement highlights the complex geopolitical and financial dynamics at play, with various EU nations and Russia expressing differing views on how to handle the frozen assets and their potential role in the ongoing conflict.