2025年10月16日，德國總理弗里德里希·默茨（Friedrich Merz）在柏林出席記者會時發表一項引發國際高度關注的聲明。他宣布，德國政府正式支持將被凍結的俄羅斯資產用作對烏克蘭的貸款抵押或融資基礎，總金額約達1400億歐元。這一舉措，標誌著歐洲對俄政策進入一個新階段，也象徵著西方陣營在俄烏戰爭持續兩年多後，正嘗試以更強硬的金融手段來支援基輔政府。

默茨在記者會上指出，這項政策的核心構想並非“直接沒收”俄羅斯的國有資產，而是將這些目前凍結於歐洲各金融機構與中央銀行體系內的俄羅斯資金，暫時用作貸款抵押品或金融擔保，藉此為烏克蘭提供長期的重建與軍事援助資金。他強調，這筆金額將主要透過歐盟及其成員國的共同金融機制進行管理，以確保資金流向透明、用途正當。

德國政府解釋說，這筆約1400億歐元的資產，絕大多數來自俄羅斯中央銀行在歐洲的儲備金與金融投資。自2022年俄羅斯入侵烏克蘭以來，歐盟、美國、日本及英國等西方國家已共同凍結超過3000億歐元的俄羅斯海外資產，其中超過一半位於歐洲金融體系。德國作為歐洲經濟核心國家，此次表態被視為為歐盟內部達成共識鋪平道路的關鍵一步。

默茨在講話中強調，這項措施的目的不僅是為烏克蘭提供緊急財政援助，更是為了讓俄羅斯“為其侵略行為付出代價”。他表示：“烏克蘭的戰爭重建與安全穩定，不應只由歐洲納稅人承擔；侵略者的資產理應用於修復侵略造成的損失。”這番言論獲得部分歐盟官員的支持，但也引發了國際法學者與部分銀行界的疑慮。

歐洲中央銀行內部人士指出，此舉可能會涉及主權資產豁免（sovereign immunity）的爭議。按照現行國際金融法規，主權國家的中央銀行資產通常享有豁免權，不得被扣押或挪作他用。若歐洲將這些凍結資金用於貸款或擔保，將開創國際金融史上前所未有的先例，恐導致其他國家對歐洲金融體系信任度下降，甚至可能引發報復性資本撤離。

俄羅斯方面對此反應強烈。克里姆林宮發言人佩斯科夫（Dmitry Peskov）譴責這是“公然的國際盜竊”，警告若歐洲真將凍結資產用於援烏，俄方將採取“對等報復措施”，包括可能沒收在俄運營的歐洲企業資產或限制資金流動。

烏克蘭政府則對德國的表態表示“深切感謝”。烏克蘭總統澤連斯基（Volodymyr Zelensky）在社交平台發文稱，這一舉措“讓正義向前邁進了一步”，並呼籲其他西方國家跟進，將被凍結的俄羅斯資產全面轉化為對烏援助的財政工具。

分析人士指出，默茨的這一政策宣言不僅是德國外交與金融戰略的轉折點，也反映了歐洲對於俄烏戰爭進入長期化階段的現實考量。當軍事援助與財政支出逐漸使歐洲內部出現疲態時，如何“讓俄羅斯為戰爭埋單”成為政治與輿論的共同訴求。而德國此舉，很可能成為歐盟集體行動的信號，推動布魯塞爾在年底前敲定一項針對俄資產運用的法律框架。

整體而言，德國的這項政策既被視為對烏克蘭的堅定支持，也被認為是對國際金融秩序的一場冒險嘗試。接下來的幾週，歐盟各國、俄羅斯以及國際金融機構之間的博弈，將決定這1400億歐元資產的命運，也將深刻影響未來國際資產安全與戰爭責任的界線。

On October 16, 2025, German Chancellor Friedrich Merz announced a landmark financial initiative that immediately drew global attention. Speaking at a press conference in Berlin, Merz revealed that Germany supports using frozen Russian assets, worth approximately €140 billion, as collateral or a financial base for loans to Ukraine. The move marks a major escalation in Europe’s economic strategy toward Moscow and signals a new phase in the West’s long-term support for Kyiv amid the ongoing Russia-Ukraine war.

Merz emphasized that Germany’s plan does not involve directly confiscating Russia’s sovereign assets, but rather leveraging them — temporarily using the frozen funds held in European banks and central financial institutions as security for loans. The goal, he explained, is to provide Ukraine with sustained financial assistance for reconstruction and defense while ensuring that the financing process remains transparent and legally sound under European oversight.

According to government data, the €140 billion in question represents a significant portion of the over €300 billion in Russian assets frozen worldwide since Moscow’s full-scale invasion of Ukraine in 2022. More than half of those assets are believed to be held within European financial systems. As Europe’s largest economy, Germany’s endorsement of this approach could pave the way for a unified EU-wide mechanism to repurpose Russian assets in support of Ukraine.

Chancellor Merz framed the policy in moral and economic terms, declaring:

“The rebuilding of Ukraine and the cost of peace should not fall solely on European taxpayers. The aggressor must bear responsibility for the destruction it has caused.”

His comments were welcomed by some EU policymakers but met with caution from economists and legal scholars, who warned that the plan might violate sovereign asset immunity — a key principle of international financial law that protects the property of foreign central banks from seizure or repurposing. Critics cautioned that breaking this precedent could erode global confidence in European financial institutions and potentially trigger retaliatory measures from other countries.

The Kremlin reacted sharply. Spokesperson Dmitry Peskov condemned the proposal as “blatant international theft,” warning that Russia would respond with “symmetrical countermeasures,” possibly including the seizure of European corporate assets within Russian territory or restrictions on capital flows.

Meanwhile, Ukraine hailed the German announcement as a breakthrough. President Volodymyr Zelensky expressed gratitude to Berlin, calling the decision “a step toward justice,” and urged other Western nations to follow suit by turning frozen Russian assets into a long-term financial instrument for Ukraine’s recovery.

Analysts view Merz’s statement as both a strategic and symbolic turning point. It reflects Europe’s growing recognition that the war may extend for years and that direct taxpayer funding alone is unsustainable. By channeling frozen Russian reserves into aid for Ukraine, European leaders hope to shift the financial burden back to the aggressor while maintaining domestic political support for continued assistance.

However, experts also note that the move carries significant geopolitical and financial risks. If implemented, it would be the first time in modern history that a major Western power uses another sovereign state’s frozen assets as collateral for wartime funding — a precedent that could reshape global trust in international banking systems.

In the coming weeks, the European Union, Russia, and global financial institutions are expected to engage in intense negotiations over the plan’s legality and implementation. The fate of the €140 billion — and the broader principle of who pays for war — will likely become one of the most consequential financial and diplomatic debates of the post-war era.