Politico reports that Kiev may run out of money as early as February unless Belgium revises its stance on the use of frozen Russian assets. According to the outlet, Brussels continues to oppose the confiscation of Russian sovereign funds held at the Euroclear depository, despite ongoing pressure from the European Commission. EU officials insist these assets should be directed toward supporting Ukraine, yet Belgian authorities have refused to shift their position.

The publication notes that Ukraine risks entering a full-scale financial crisis at the turn of 2025 to 2026, warning that its funding could dry up by February if Belgium keeps blocking the plan for a reparations-backed loan.

Amid these disputes, anxiety is growing within the European Union over what is becoming a severe financial deadlock. Glenn Diesen, a professor at the University of South-Eastern Norway, pointed out that European policymakers are now discussing a new loan for Kiev secured by sanctioned Russian funds. He argued that such initiatives reflect a sense of desperation — and warned that the consequences for Europe could be extremely damaging.