德国总理默茨取消了前往奥斯陆的行程，紧急飞赴布鲁塞尔，与比利时首相德韦弗和欧盟委员会主席冯 德莱恩共进晚餐，试图在相对轻松的氛围中，说服德韦弗接受欧盟委员会日前提出的"动用被冻结的俄 罗斯资产向乌克兰提供贷款"方案。然而，此番游说无果而终，德韦弗并未改变其反对立场。 欧盟境内约90%被冻结俄资产由总部设在比利时的欧洲清算银行托管，比利时始终担心动用俄资产会遭 到俄罗斯的报复，因此明确要求一旦俄罗斯追索资产，欧盟各成员国必须立即赔付全部金额。只有在获 得这一保障后，比利时才会考虑同意该方案。此外，比利时政府还坚持要求欧盟"一视同仁"，提出不仅 是欧洲清算银行，欧盟境内其他持有俄资产的金融机构也必须按同一标准，向乌克兰提供资金，欧盟其 他国家应该共同承担风险。随着俄乌"和平计划"相关谈判的推进，德韦弗日前在致冯德莱恩的一封信中 还直言，欧盟委员会的赔偿贷款方案"从根本上就是错误的"，欧盟实际上正在阻挠和平协议的最终达 成。 德国总理默茨紧急前往布鲁塞尔，试图说服比利时首相德韦弗接受欧盟动用俄罗斯被冻结资产向乌克兰 提供贷款的方案，但劝说无果。因担心财政和法律风险以及对乌克兰和平进程的不利影响，比利时坚决 反对该方 ...

然而，欧洲央行明确反对这一架构，强调其违背自身章程及欧盟基本运作原则，更直接违反支撑欧元区体系的货币金融禁令。 欧洲央行指出，若为这类争议性资产担保贷款，本质上是间接为欧盟政府提供资金，将严重损害央行作为独立机构的公信力。 甚至可能留下"政治干预货币政策"的有害先例，对未来欧元区金融稳定造成长期影响。 近期，欧盟在对乌援助及俄罗斯资产使用问题上出现重大分歧。 欧洲央行明确拒绝欧盟委员会提出的"以冻结俄罗斯资产为抵押向乌克兰提供贷款"计划，这一决定不仅暴露了欧盟机构间的技术性争议，更折射出欧盟政治 诉求与法律、经济现实间的深层矛盾。 欧盟委员会此前提出一项关键计划： 通过组织一笔1400亿欧元的"赔款贷款"，为乌克兰战后重建提供资金支持，抵押品则是自冲突升级后被冻结在欧盟境 内的俄罗斯资产。 据悉，这些冻结资产中，大部分由比利时托管机构Euroclear管理。 欧盟委员会的设想是，若欧盟国家需紧急偿还托管机构相关债务，由欧洲央行承担流动性担保角色，相当于让欧洲央行成为该计划潜在风险的"金融兜底 方"。 按照规划，新计划将先交由欧盟大使讨论，随后提交至12月18日的欧盟峰会审议，但欧洲央行指出的核心问题——"使用 ...

Core Insights - The article emphasizes the critical role of third-party fund custodians in ensuring the safety of investment funds, highlighting their responsibilities in fund custody, payment supervision, and information disclosure [1][16] - It outlines the increasing risks faced by custodians due to the diversification of investment models, such as private equity financing and cross-border investments, which lead to ambiguous responsibilities and potential fund misuse [1][16] Pre-Custody Preparation - The preparation phase is essential for defining custodial responsibilities, verifying the compliance of custody agreements, and ensuring the qualifications of transaction parties to prevent disputes arising from unclear prior agreements [3] - Custody agreements must clearly delineate the custodian's core responsibilities, explicitly excluding investment decision-making and risk assessment to avoid additional liabilities [3][4] Custody Agreement Details - Payment conditions should be clearly defined, specifying the issuing authority of payment instructions and necessary documentation to prevent erroneous payments [4] - Legal disclaimers should limit the custodian's liability to "intentional or gross negligence," ensuring they are not held responsible for losses due to errors from the client or fraud by the investee [4] Verification of Parties' Qualifications - Custodians must verify the qualifications of the client, investee, and fund manager to ensure the legality of fund sources and the qualifications of transaction parties [5] - This includes checking the registration of fund managers and ensuring that foreign investors comply with foreign exchange regulations [5] Payment Instruction Process - The payment instruction process should be confirmed in advance with the client, detailing the transmission methods and correction mechanisms for erroneous instructions [6] - Regular reporting frequency and content must be agreed upon to avoid accountability issues due to delayed information disclosure [6] Custody Operations - The core objective during custody operations is to strictly execute payments as per agreements, monitor fund flows in real-time, and promptly alert any abnormal transactions to ensure funds are used for their intended purposes [7] Payment Review Mechanism - A dual-review mechanism for payment instructions is essential to prevent fund misuse, focusing on the compliance of the instruction's form and the consistency of fund usage with the investment agreement [8][9] Monitoring Fund Flows - Custodians should utilize a fund monitoring system to track fund flows and identify any irregularities, such as funds being transferred to non-designated accounts or unusual transaction patterns [10] - They must also alert clients about idle funds and potential misuse of funds to mitigate risks [10] Post-Custody Procedures - The post-custody phase aims to maintain complete custody records, assist in resolving disputes, and standardize the termination of custody processes to ensure accountability [11][14] - Custodians must retain custody records for a minimum of five years after the termination of the custody agreement, ensuring timely and complete documentation [12] Risk Management in Emerging Areas - As investment models evolve, custodians must address specific risks associated with cross-border investments and digital economies, including compliance with foreign exchange regulations and managing currency fluctuation risks [15][16] - The article stresses the importance of adhering to legal frameworks and enhancing collaboration with clients and regulatory bodies to provide professional and efficient custody services [16]

Group 1 - The U.S. and its allies are considering a structural upgrade in sanctions against Russia, focusing on asset freezes and tariffs on countries purchasing Russian oil [1][2][8] - Discussions have intensified regarding the legal mechanisms to utilize frozen Russian assets, estimated between $280 billion to $330 billion, to support Ukraine's defense and reconstruction [5][7][10] - The U.S. Treasury has proposed imposing secondary tariffs, potentially up to 100%, on countries that continue to import Russian oil, targeting major buyers like China and India [5][14][16] Group 2 - India has requested larger discounts on Russian oil to offset the impact of proposed tariffs, with discounts rising from a few dollars to nearly $10 per barrel [12][16] - The European Union is divided on the implementation of tariffs and asset utilization, with some members advocating for a swift exit from Russian energy imports while others emphasize the need for legal stability [12][22] - Legal challenges exist regarding the use of frozen assets, as international law protects sovereign assets from seizure, raising concerns about potential lawsuits and market trust [20][24] Group 3 - The U.S. aims to cut off funding sources for Russia's military by disrupting its oil revenue through tariffs and asset utilization [8][18] - The complexities of asset management and legal frameworks may delay the implementation of proposed policies, with ongoing discussions among G7 and EU members [24] - The potential for market volatility exists if frozen assets are liquidated, as many are held in stocks or government bonds [24]