欧盟委员会和部分成员国正在加大力度，争取对更多联合借贷的支持，以满足乌克兰的融资需求，因为更多地利用俄罗斯被冻结央行资产的努力仍因比利时而陷入僵局。
The European Commission and some member states are stepping up their efforts to win support for more joint borrowing to secure Ukraine’s financing needs as efforts to make greater use of Russia’s frozen central-bank assets remain bogged down by Belgium.
官员们一致认为，类似于去年的、由市场融资的贷款机制仍是填补乌克兰预算缺口最可能的选项，该缺口可能达约700亿欧元（约合785亿美元）。据知情人士透露，德国方面并未改变其对联合借贷的否定看法，但会支持目前的解决方案。
Officials agreed that a loan mechanism similar to last year’s and financed in the markets remains the most likely option to cover Ukraine’s budgetary gap, which could amount to about €70 billion ($78.5 billion). Germany, for its part hasn’t changed its negative view of joint borrowing but would back the current solution, according to people familiar with the matter.
目前担任欧盟轮值主席国的爱尔兰财政部长西蒙·哈里斯周一表示：“我目前尚未看到任何迹象表明，这一次会有其他机制更具可行性。我估计这很可能是最终落脚点。”去年底，欧盟领导人同意向乌克兰贷款900亿欧元，用于2026年和2027年，该贷款由资本市场融资，并以欧盟共同预算作为担保。当时对资助乌克兰持怀疑态度的捷克、匈牙利和斯洛伐克选择不为该贷款提供担保。
“I don’t yet see anything that suggests any other mechanism would be more feasible this time,” Irish Finance Minister Simon Harris, whose country currently holds the EU’s rotating presidency, said Monday. “I reckon that’s the likely landing zone.”At the end of last year, EU leaders agreed to lend €90 billion to Ukraine for 2026 and 2027, financed by a loan from capital markets and secured by the bloc’s shared budget. The Czech Republic, Hungary and Slovakia, who were skeptical of funding Ukraine, opted out from backing the loan.
此前，比利时阻止了动用约2100亿欧元被冻结俄罗斯主权资产中一部分的选项，这些资产存放在布鲁塞尔结算机构欧洲清算银行。
This was after Belgium blocked an option to use part of about €210 billion of immobilized Russian sovereign assets held at Brussels-based clearing house Euroclear.
比利时政府表示，不能让其独自面对潜在的俄罗斯诉讼或赔偿要求，并要求通过强有力的担保，将动用这些资产相关的风险在欧盟范围内共担。知情人士称，德国也反对动用被冻结的俄罗斯资产。
The Belgian government says it can’t be left alone to face any potential Russian lawsuits or compensation claims, and has demanded any risks associated with using the assets be shared across the EU through robust guarantees. Germany is also against touching the frozen Russian assets, the people said.
尽管如此，一组成员国再次推动利用这些资产，以弥补乌克兰融资需求中出现的、超出预期的更大缺口。欧盟委员力将很快提出方案，以覆盖约三分之二的缺口，即约450亿欧元，而国际合作伙伴应覆盖其余部分。
Still, a group of member states once again pushed to use the assets to cover a larger-than-expected gap emerging in Ukraine’s financing needs. The Commission will soon present options to cover around two-thirds of the shortfall, about €45 billion, while international partners should cover the rest.
德国表示，如果没有对乌克兰援助资金的集体承诺，可能会否决欧盟预算。欧盟领导人定于周四和周五在都柏林会晤，讨论基辅的资金缺口和预算问题。
Germany has said it may block the EU budget if there is no collective commitment to Ukraine funding. EU leaders are scheduled to meet in Dublin on Thursday and Friday to discuss both Kyiv’s funding shortfall and the budget.
德国总理弗里德里希·默茨周二在柏林对记者说：“去年圣诞节前不久，我们不得不在欧盟内部采取强化合作的路径，27个成员国中有24个同意推进。但我认为，继续走这条路不是一个好选择。我们必须将乌克兰政策完全纳入欧洲预算。”乌克兰贷款机制使该项目得以推进，而无需向捷克、匈牙利和斯洛伐克施加财务义务。这些国家以及包括保加利亚在内的其他国家可能会选择退出新一轮融资。
“Last year, shortly before Christmas, we had to take the path of enhanced cooperation within the EU, with 24 out of 27 member states agreeing to move forward,” German Chancellor Friedrich Merz told reporters in Berlin on Tuesday. “But in my view, continuing down this path is not a good option. We must fully incorporate Ukraine policy into the European budget.”The Ukraine loan mechanism allowed the project to proceed without imposing financial obligations on Czechia, Hungary and Slovakia. These countries and others including Bulgaria may opt out from the new round of financing.
欧盟经济事务专员瓦尔季斯·东布罗夫斯基斯在欧盟财长会议前表示，由共同债务融资的新贷款“显然是我们目前正在评估和详细研究的核心选项之一”。“我谨慎乐观地认为，我们将能够找到解决方案，在已预见的资金之上再提供450亿欧元的额外资金。”根据之前的900亿欧元乌克兰支持贷款，欧盟委员会在资本市场筹集资金，以欧盟预算的空间作为担保，实际上是利用欧盟集团的资产负债表，而不是俄罗斯资产本身作为抵押品。
A new loan financed by joint debt is “clearly one of the central options we are currently assessing and elaborating on,” EU Economy Commissioner Valdis Dombrovskis said before a meeting of EU finance chiefs. “I am cautiously optimistic that we will be able to find a solution and to provide this additional funding of €45 billion on top of what is already foreseen.”Under the previous €90 billion Ukraine Support Loan, the Commission raises funds on capital markets backed by the headroom of the EU budget, effectively using the bloc’s balance sheet rather than the Russian assets themselves as collateral.
尽管如此，即使这些俄罗斯资产目前不用于资助乌克兰，只要俄罗斯尚未向乌克兰支付赔偿，这些资产就必须继续保持冻结状态。“显然，这个话题将继续伴随我们，”东布罗夫斯基斯说。
Still, even if they’re not used to finance Ukraine for now, the Russian assets must remain immobilized for as long as Russia hasn’t paid reparations to Ukraine. “Clearly this topic is staying with us,” Dombrovskis said.