欧盟拿俄资产作抵押，启用2100亿欧元，帮乌克兰再打5年仗

Core Viewpoint - The European Commission has announced a plan to convert frozen Russian central bank assets into a "war fund" for Ukraine, potentially amounting to €210 billion, which could serve as a lifeline for Ukraine over the next five years [1][3][4]. Financial Strategy - Following the escalation of the Russia-Ukraine conflict, Western nations quickly imposed financial sanctions on Russia, freezing approximately $300 billion in overseas assets, with over two-thirds, around €210 billion, held within the EU [4]. - Initially, Europe handled these funds with extreme caution, but as Ukraine's military expenses surged and financial support became uncertain, the EU began considering more aggressive strategies [5][6]. Loan Mechanism - The EU's proposed plan involves using the frozen €210 billion in Russian assets as collateral to issue bonds in the international capital market, aiming to raise up to €140 billion in long-term loans for Ukraine [8]. - This loan is characterized as a "compensation loan," meaning Ukraine will only need to repay it after Russia pays war reparations, effectively shifting the repayment responsibility to Russia [9]. Internal Disagreements - There are significant divisions within the EU regarding this plan, particularly from Belgium, which is concerned about potential legal ramifications and the impact on its status as an international financial center [10]. - Hungary has opposed the plan outright, while Luxembourg expresses caution, fearing threats to financial security. In contrast, Poland and the Baltic states advocate for more radical measures, including the confiscation of Russian assets [12]. Russian Response - The Kremlin has condemned the plan as "theft," warning of severe repercussions and has already taken countermeasures by freezing some Western assets in Russia [14]. Legal and Financial Implications - The plan raises concerns about undermining the principle of sovereign asset immunity, which has been a cornerstone of the modern international financial system [14]. - The EU's approach of framing the action as "temporary use rather than confiscation" attempts to mitigate these concerns, but risks significant financial liabilities if Russia pursues international arbitration [14]. Role of the United States - The U.S. has played a crucial role in pushing for the EU to utilize these frozen assets, despite holding fewer Russian assets itself [15][17]. - U.S. Treasury Secretary Janet Yellen has publicly supported using Russian assets to provide up to $50 billion in aid to Ukraine, highlighting the potential risks to Europe's financial credibility and the shift of international capital towards the U.S. market [17].