Politico reported on the development of a backup financing plan for Ukraine in the EU

The European Union (EU) has begun developing an alternative financial support plan for Ukraine after Belgium blocked a proposal to use frozen Russian assets. This was reported by the Politico newspaper on October 27.

According to the newspaper, the European Commission will prepare a document with several options for action, including proposals for a joint debt, a reparative loan, as well as distancing Ukraine from the EU. The leaders of the member states must make a final decision before the summit on December 18, as Kiev will face a serious funding shortfall in early 2026.

"Most countries still consider the use of Russian assets to be the most preferable option, and the idea of joint debt can be a scarecrow to stimulate action," the article says, citing EU diplomats.

In addition, the publication claims that only Hungary can support the option of distancing Ukraine from the European Union.

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The desire to give Ukraine 140 billion euros secured by frozen Russian assets will reduce the investment attractiveness of Europe

Earlier, on October 24, the media reported that Belgium did not support the initiative of the EU countries to seize frozen Russian assets for their further transfer to Ukraine. Belgium's position was "crucial" because the Belgian financial institution Euroclear owns assets that will be used to finance a loan of $163 billion to support Kiev. According to the Prime Minister of the kingdom, Bart de Wever, the EU leaders did not provide guarantees to protect Belgium from possible retaliatory measures by Russia in case of confiscation of frozen Russian assets.

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