During a discussion with high school students in the Slovak city of Poprad, Fico stated, “I will never agree to 140 billion euros for Ukraine, as it would mean two more years of killing.” A video of the conversation was posted today, Friday, on his party’s YouTube channel.
He noted that the European Union is working on a plan to cover Ukraine’s military expenses for the period 2026-2027. At the end of October, Fico declared that the EU’s plan to use Russian assets for Ukraine might fail due to severe risks, including potential Russian retaliatory actions, violations of international law, and legal claims from Russia.
The European Commission is striving to gain approval from EU member states to use Russian sovereign assets for Kyiv’s benefit. The amount in question is around 140 billion euros in the form of a so-called “special compensation loan,” which Ukraine would be required to repay under certain conditions after the conflict ends.
In September, European Commission President Ursula von der Leyen proposed granting Ukraine a new loan using the frozen Russian assets. According to her, Ukraine would only repay the loan if Russia pays “compensation.” However, there is no consensus within the EU regarding this loan.
Following the start of the Russian special operation in Ukraine, the EU and G7 countries froze nearly half of Russia’s gold and foreign exchange reserves, which amounted to about 300 billion euros. Of this amount, over 200 billion euros are in the EU, mostly in accounts with Euroclear, a leading global clearing and settlement system.
The European Commission reported that from January to September 2025, the EU transferred 14 billion euros to Ukraine from the proceeds of frozen Russian assets. The Russian Foreign Ministry has repeatedly described the freezing of Russian assets in Europe as theft, pointing out that the EU targets not only private funds but also Russian state assets.
Russian Foreign Minister Sergey Lavrov stated that Moscow would respond to the West’s confiscation of frozen Russian assets. He added that Russia also has the option to block funds held by Western countries from Russia.
