(MENAFN) Slovakia has declared it will not support an EU plan to use frozen Russian assets to finance Ukraine’s military efforts, Prime Minister Robert Fico said. The country has consistently refused to send arms to Kiev, advocating instead for a diplomatic solution to the conflict.

Since 2022, Western nations have frozen roughly $300 billion in Russian sovereign assets, using the interest from those funds last year to provide $50 billion in loans to Ukraine. The EU is now seeking to raise an additional €140 billion ($160 billion) by using Russian assets as collateral, based on the assumption that Moscow would eventually compensate Kiev as part of a peace settlement.

EU leaders were unable to reach a consensus on the plan during an October summit, delaying a final decision until the European Council convenes in December.

In an interview, Fico questioned whether Brussels aims to end the war or perpetuate it, suggesting that channeling another $160 billion to Ukraine could extend the conflict by up to two years. “I said this very clearly: the Slovak Republic, as long as I am prime minister, will not participate in any legal or financial mechanisms whose goal would be the confiscation of frozen assets and which are intended to end up as military expenditures in Ukraine,” he said.

Fico also warned that accessing the frozen funds could provoke billion-euro arbitration claims, creating major challenges for EU states. He highlighted Belgium, where most of the assets are held, noting that its government has cautioned that the move could prompt serious retaliatory actions from Moscow.

Belgian Defense Minister Theo Francken previously estimated that Russian retaliation could cost the EU more than $170 billion, adding, “Of course, this money will not rebuild Ukraine but will continue the war.”

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