欧盟计划“没收”俄资产援乌，欧洲清算中心紧急警告！

Core Viewpoint - The European Central Securities Depository (ECSD) warns that the EU's plan to invest frozen Russian assets into higher-risk investments to increase aid to Ukraine could be tantamount to "confiscation" [1][3] Group 1: Financial Implications - Approximately €191 billion of Russian central bank assets are currently frozen in the ECSD due to Western sanctions, and the EU Commission is exploring ways to extract more value from these assets [1] - The ECSD has paid €4 billion to Ukraine last year and €1.8 billion this year, with plans to potentially create a Special Purpose Vehicle (SPV) to manage these assets [2] - The proposal to shift cash into higher-risk asset classes comes as profits from these assets have been declining due to lower interest rates from the European Central Bank [1] Group 2: Legal and Risk Considerations - Creating an SPV would legally imply "confiscation" of cash from the ECSD, while still holding the obligation to return it to the Russian central bank, leading to significant legal and financial risks [3] - The ECSD is facing over 100 lawsuits related to frozen Russian assets, including those belonging to oligarchs and other sanctioned entities [3] - Russia has already confiscated €33 billion of assets belonging to ECSD clients that were previously frozen in its corresponding institution in Moscow [3] Group 3: Market Integration and Regulation - The ECSD is keen on advancing the EU's initiative to integrate its fragmented capital markets, aiming to unlock untapped savings and improve financing for companies [4] - The ECSD plans to provide a "single access point" for retail and institutional investors across the 27 member states [4] - The CEO of the ECSD supports more centralized regulation of central securities depositories as a key element of the EU capital markets initiative [4]