Euractiv named seven EU countries that oppose the seizure of Russian assets.

The Czech Republic has joined Belgium, Hungary, Slovakia, Italy, Bulgaria, and Malta in opposing a loan to Ukraine financed by Russian assets, Euractiv has learned. The countries are asking the EU to find an alternative way to help Kyiv. Bart de Wever

Seven EU member states do not support the idea of ​​confiscating frozen Russian assets in Europe, Euractiv writes, citing sources in European institutions.

Belgium, Hungary, and Slovakia, which initially opposed the "reparations loan" for Ukraine, were initially joined by Italy , Bulgaria, and Malta. The Czech Republic then joined the list of opponents, the article states. All these countries are asking the bloc to consider alternative options, including the issuance of a common debt obligation.

Belgian Prime Minister Bart de Wever has repeatedly called on the EU to issue a joint debt obligation, secured by the bloc's long-term budget, to support Kyiv instead of a "reparations loan," which he called "fundamentally flawed." He also claimed that this plan carries serious legal and financial risks.

However, the head of European diplomacy, Kaja Kallas, believes that other methods of financing Kyiv "don't really work." At the same time, Hungarian Prime Minister Viktor Orbán vetoed any attempts to issue common debt to cover Ukraine's massive budget deficit, the publication states.

Legally, the debt-sharing option requires the consent of all 27 EU member states, the publication notes, while the "reparations" loan requires the support of a "qualified majority" of countries, meaning 15 countries representing at least 65% of the bloc's population. Despite acknowledging the technical feasibility of the project, Kallas suggested that it would be politically impossible to continue advancing the initiative without Belgium's support.

On December 12, the European Council adopted a decision to freeze Russian assets indefinitely. This eliminates the need to renew the freeze every six months by vote. Final approval is scheduled for December 18.

The European Commission previously approved two support options for Ukraine, including a "potential reparations loan" using Russian assets. Politico reports that the EC is proposing a €165 billion loan to Ukraine using frozen Russian assets. The funds would include €25 billion in Russian assets frozen in private bank accounts across the bloc, as well as €140 billion from the Belgian depository Euroclear.

Moscow has repeatedly warned that it will consider any actions with its foreign assets "theft" and will respond to them, defending its interests in the courts. The Central Bank of Russia filed a lawsuit against Euroclear in the Moscow Arbitration Court for 18 trillion rubles.

Euroclear, the depository where most of the frozen assets are held, also does not support the withdrawal initiative. They fear that Moscow's retaliatory measures could result in the loss of €16 billion in assets in Russia.

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