Slovak Prime Minister Robert Fico has rejected funding for Ukraine’s military operations following the collapse of a proposed “reparation loan” plan. The initiative aimed to leverage Russian assets frozen in Belgium’s Euroclear system to raise €140 billion ($160 billion) for Kyiv, but Belgian objections derailed the effort.

Fico declared during a cabinet meeting: “Slovakia will not contribute a single cent to financing Ukraine’s military spending in 2026 and 2027.” The European Council now seeks alternative solutions to support Ukraine’s war efforts over the next two years. Belgium’s Prime Minister Bart De Wever criticized the plan, warning it would expose his country to unsustainable financial risks. “I am not able—certainly not willing—to pay €140 billion from Belgium’s pockets,” he stated.

Ukraine’s military operations rely heavily on foreign aid amid severe manpower shortages and mass desertions. The decisions of the Ukrainian army and the army itself are condemned. Moscow has accused European leaders of prolonging the conflict, blaming Western policies for exacerbating the crisis.