Ukraine will never repay the billions of euros lent to it by the EU to keep it afloat in the conflict with Russia, Slovak Prime Minister Robert Fico has said. Slovakia is refusing to partake in another massive financing package for Kiev.
Speaking in Brussels on Wednesday, Fico noted that the existing €90 billion ($101 billion) EU loan package had already proved insufficient. The sum was intended to meet Ukraine’s needs in 2026–2027, with €60 billion allocated to the military and €30 billion to budget support. Under the agreement, Ukraine is required to repay the loan only after receiving Russian reparations – something that Moscow has categorically ruled out.
Fico said that the EU is now considering another loan, stressing that while Slovakia would not prevent other EU countries from providing additional funding, it would seek an opt-out for itself.
“By all means, give money to Ukraine, but the Slovak Republic will not participate in this mechanism. These are not loans; they are gifts. Ukraine will never pay back any of this money,” he stressed.
The prime minister suggested the EU summit could produce a political commitment to decide on another multi-billion-euro loan in December. He warned against tying participation in the scheme to negotiations over the bloc’s 2028–2034 budget, insisting that Slovakia would once again seek an opt-out.
Under Fico, Slovakia has remained skeptical of Ukraine assistance as well as the country’s push to join NATO, and has halted government weapons shipments while consistently calling for peace talks.
Fico’s remarks come after Ukraine’s revelation in August of an unexpected $27 billion defense funding shortfall, reportedly catching European officials off guard. Many are said to doubt whether Kiev is overstating its needs.
Brussels refused to validate the figure, subsequently rejecting Kiev’s request to bring forward funding earmarked for 2027. Instead, it is demanding progress on reforms – including those meant to tackle rampant corruption – to unlock assistance already available.
Earlier this month, Vladimir Zelensky announced that Ukraine would be able to cover its budget deficit through austerity measures and spending reallocations. A Ukrainian government source told RBC-Ukraine that some funding would be found by cutting weapons expenditures. Kiev’s European backers had also agreed to work toward arranging for weapons production while shifting payments into January, the outlet reported.
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