美欧对俄罗斯被冻结资产的处置方案及影响  

U.S.-European Disposal Options of Russia's Frozen Assets and Implications

作　　者：许文鸿[1] Xu Wenhong

机构地区：[1]中国社会科学院俄罗斯东欧中亚研究所

出　　处：《俄罗斯东欧中亚研究》2024年第4期117-141,165,166,共27页Russian，East European & Central Asian Studies

基　　金：中国社会科学院俄罗斯东欧中亚研究所创新工程项目“俄罗斯经济发展道路与中俄经贸合作”的阶段性成果。

摘　　要：俄乌冲突爆发后,美欧多国联合对俄罗斯实施全方位制裁。冻结俄罗斯约3 000亿美元的外汇资产是重要制裁措施之一。冻结俄罗斯资产的初始理由是限制俄开展军事行动的经济金融能力。但随着乌克兰遭受的损失越来越大,美欧各国开始考虑彻底剥夺俄罗斯被冻结的金融资产用于支持乌克兰抗击俄罗斯及进行重建。目前各方正在讨论处置被冻结资产的法律依据,并试图采取后续行动。美国积极推动欧洲各国作出决定。本文考察俄罗斯中央银行外汇资产在美欧国家的分布情况及美欧国家剥夺其他国家外汇资产的法律依据和具体措施,分析美欧国家处置俄被冻结资产的企图和计划以及俄罗斯的应对策略,论述欧美相关举措对国际金融秩序可能产生的影响和冲击,并介绍欧清银行和明讯银行作为国际资本市场的国际金融基础设施的重要作用。目前,美欧国家在如何处置被冻结俄央行资产问题上仍存在明显分歧。随着俄乌冲突进一步发展,围绕俄罗斯被冻结资产问题的斗争将进一步加剧,美欧各国与俄罗斯之间的博弈将更加激烈。美欧各国如最终决定剥夺被冻结的俄央行资产,将对国际金融秩序产生前所未有的冲击。After the outbreak of the Russia-Ukraine conflict,the United States,Europe and multiple other countries jointly imposed all-round sanctions on Russia.Freezing around$300 billion of Russia's foreign currency assets is one of the key sanctions measures.The initial rationale for freezing Russian assets was to limit Russia's economic and financial ability to conduct military operations.However,as Ukraine sustained increasing losses,the United States and European countries began to consider completely stripping Russia of its frozen financial assets to support Ukraine's resistance to Russia and its reconstruction.The parties are currently discussing the legal basis for disposing of the frozen assets and attempting to follow up.The United States is actively pushing European countries to make a decision.This paper elucidates the distribution of the Russian Central Bank's foreign exchange assets in the U.S.and European countries and the legal basis and specific measures taken by the U.S.and European countries to deprive other countries of their foreign exchange assets,analyzes the attempts and plans of the U.S.and European countries to dispose of Russia's frozen assets as well as Russia's coping strategies,discusses the impact and influence that the relevant European and U.S.initiatives may have on the international financial order,and introduces the significant role that the Euroclear and the Clearstream are playing as the international financial infrastructure of the intermational capital market.At present,the U.S.and European countries still remain clearly divided on the issue of how to dispose of frozen Russian central bank assets.With the further development of the Russia-Ukraine conflict,the struggle over the issue of frozen Russian assets will further intensify,and the game between the United States and European countries and Russia will become more intense.If the United States and European countries finally decide to deprive the frozen assets of the Russian Central Bank,it will havae n unprecedented impact on the

关 键 词：经济制裁 金融制裁 资产冻结 金融战 “去美元化” 俄乌冲突 

分 类 号：F113[经济管理—国际贸易] D81[经济管理—世界经济] D851.2[政治法律—国际关系]