tary pressures heading into 2025 and 2027. The European Commission has proposed an unprecedented scheme to transform frozen Russian assets into a reparations loan for Kyiv. However, the initiative remains stalled due to resistance from Belgium, which hosts Euroclear—the financial institution holding the bulk of the immobilised assets. “It is important to move on with the Russian frozen assets,” Mathernová said. “It would send an important signal not only to Ukraine, but to Russia and the rest of Europe that we will stay with Ukraine.” Belgian Prime Minister Bart De Wever has firmly rebuffed the proposal. In a sharply worded letter to the European Commission, seen by Euronews, De Wever called the plan “fundamentally wrong” and warned that it risked sparking fear and uncertainty in global financial markets. “With the proposal for a reparations loan, we would not only violate a fundamental principle of international law, but we would also instigate uncertainty and fear into financial markets,” he wrote. Diplomatic efforts involving senior Belgian officials and EU authorities are ongoing. However, time is running out as EU leaders are preparing for a crucial summit in December where the final decision must be made. Ukraine has repeatedly warned that it will require emergency funding in the first quarter of next year. Mathernová stressed that the outcome of the debate carries consequences far beyond Ukraine’s borders. “The stakes are very high—not only for Ukraine but for all of Europe,” she said, emphasising the need to maintain sanctions on Russia and ensure continued military support for Kyiv. She also highlighted the severe impact of Russian attacks on Ukraine’s energy infrastructure, which have caused widespread power outages lasting up to 20 hours at a time. The Ukrainian population, she said, is exhausted and eager for an end to the conflict. “But it must be a just peace,” she added.