The IMF may stop providing funds to Ukraine due to Belgium’s refusal to confiscate Russian assets

The International Monetary Fund (IMF) may suspend financial assistance to Ukraine if the European Union fails to approve a €140 billion credit backed by frozen Russian assets.

This was reported by Politico, citing sources among European officials.

According to the outlet, Russian assets are meant to serve as the foundation for a new mechanism to support Ukraine. However, Belgium has refused to approve the use of Moscow’s frozen funds, citing legal and financial risks. Since most of these assets are held under Belgian jurisdiction, the plan cannot move forward without Brussels’ consent.

European sources told Politico that confiscating Russian assets would convince the IMF of Ukraine’s financial viability for the coming years, which is a necessary condition for the Fund to continue financing Kyiv.

“IMF support is not something to be taken lightly,” one EU representative said on condition of anonymity.

The report notes that the IMF is considering allocating $8 billion to Ukraine over the next three years, but is waiting for the EU to confirm Ukraine’s financial stability — a key requirement for continued lending.

European officials fear that time is running out to persuade the IMF, as the next meeting on the reparations-backed credit is scheduled for December 18–19.