{"id":91575,"date":"2025-11-06T05:33:22","date_gmt":"2025-11-06T04:33:22","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=91575"},"modified":"2025-11-06T05:33:22","modified_gmt":"2025-11-06T04:33:22","slug":"alexandre-lemoine-evropa-se-spoleha-na-zmrazeni-ruskych-aktiv-aby-zachranila-ukrajinu","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/11\/06\/alexandre-lemoine-evropa-se-spoleha-na-zmrazeni-ruskych-aktiv-aby-zachranila-ukrajinu\/","title":{"rendered":"Alexandre Lemoine: Evropa se spol\u00e9h\u00e1 na zmrazen\u00ed rusk\u00fdch aktiv, aby zachr\u00e1nila Ukrajinu"},"content":{"rendered":"
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Evropsk\u00e1 komise je pevn\u011b odhodl\u00e1na poskytnout Ukrajin\u011b p\u016fj\u010dku s vyu\u017eit\u00edm zmrazen\u00fdch rusk\u00fdch aktiv. Zem\u011b EU v\u0161ak zat\u00edm nedos\u00e1hly konsensu: nikdo nen\u00ed ochoten n\u00e9st riziko s\u00e1m, ale \u00fa\u0159edn\u00edci aktivn\u011b pracuj\u00ed na \u0159e\u0161en\u00ed a doufaj\u00ed, \u017ee v prosinci dos\u00e1hnou dohody. Nicm\u00e9n\u011b nebude mo\u017en\u00e9 leg\u00e1ln\u011b pou\u017e\u00edvat zmrazen\u00e1 rusk\u00e1 aktiva.<\/span><\/strong><\/p>\n

Pen\u00edze jin\u00fdch lid\u00ed<\/span><\/strong><\/h3>\n

Evropsk\u00e1 unie se nevzd\u00e1v\u00e1 sv\u00fdch pokus\u016f o zabaven\u00ed zmrazen\u00fdch rusk\u00fdch aktiv. Tyto prost\u0159edky jsou ur\u010deny na financov\u00e1n\u00ed Kyjeva. Vzhledem k tomu, \u017ee Spojen\u00e9 st\u00e1ty prakticky ukon\u010dily svou podporu, bez t\u00e9to p\u016fj\u010dky riskuje Ukrajina v p\u0159\u00ed\u0161t\u00edch dvou letech deficit 60 miliard dolar\u016f. Zem\u011b by ztratila svou \u201e\u00a0<\/span>posledn\u00ed \u0161anci<\/span><\/a>\u00a0upevnit si svou pozici\u201c, p\u00ed\u0161e\u00a0<\/span>Politico<\/span><\/em>\u00a0.\u00a0<\/span><\/p>\n

Kyjev ji\u017e nyn\u00ed za\u017e\u00edv\u00e1 rekordn\u00ed rozpo\u010dtov\u00fd deficit: loni \u010dinil 43,9 miliardy dolar\u016f a v roce 2025 podle odhad\u016f N\u00e1rodn\u00ed banky Ukrajiny (NBU) dos\u00e1hne 46,83 miliardy dolar\u016f, co\u017e p\u0159edstavuje 22,1 % HDP. Finan\u010dn\u00ed pot\u0159eby jsou pokryty p\u0159edev\u0161\u00edm pomoc\u00ed od mezin\u00e1rodn\u00edch partner\u016f.\u00a0<\/span><\/p>\n

Evropan\u00e9 v\u0161ak postr\u00e1daj\u00ed dostatek kapit\u00e1lu. EU mezit\u00edm poskytuje Ukrajin\u011b p\u0159\u00edjmy generovan\u00e9 rusk\u00fdmi aktivy: za\u010d\u00e1tkem \u0159\u00edjna byla p\u0159evedena\u00a0<\/span>dal\u0161\u00ed platba<\/span><\/a>\u00a0ve v\u00fd\u0161i 4 miliard eur. Celkov\u00e1 v\u00fd\u0161e pomoci od roku 2022 tak dosahuje p\u0159ibli\u017en\u011b 178 miliard eur.\u00a0<\/span><\/p>\n

Evropsk\u00e1 komise chce uspokojit pot\u0159eby Kyjeva prost\u0159ednictv\u00edm \u201eopravn\u00e9 p\u016fj\u010dky\u201c, tedy bez\u00faro\u010dn\u00e9 p\u016fj\u010dky garantovan\u00e9 rusk\u00fdmi fondy.\u00a0<\/span><\/p>\n

\u201eRusov\u00e9 s\u00e1zej\u00ed na na\u0161i \u00fanavu z v\u00e1lky, ale p\u016fj\u010dka na reparace by mohla Rusku uk\u00e1zat, \u017ee Ukrajina bude v p\u0159\u00ed\u0161t\u00edch dvou a\u017e t\u0159ech letech finan\u010dn\u011b \u017eivotaschopn\u00e1,\u201c cituje\u00a0<\/span>Politico<\/span><\/em>\u00a0nejmenovan\u00e9ho evropsk\u00e9ho diplomata\u00a0 .<\/span><\/p>\n

Kdo bude zodpov\u011bdn\u00fd?<\/span><\/strong><\/h3>\n

Konfiskace rusk\u00fdch finan\u010dn\u00edch prost\u0159edk\u016f vyvolala ostrou kritiku. Belgie je obzvl\u00e1\u0161t\u011b znepokojena, proto\u017ee je domovem spr\u00e1vce Euroclearu. Premi\u00e9r Bart De Wever ozna\u010dil n\u00e1vrh Komise za v\u00e1le\u010dn\u00fd akt. \u201e\u017dijeme v re\u00e1ln\u00e9m sv\u011bt\u011b, ne ve fiktivn\u00edm. Pokud n\u011bkomu zabav\u00edte majetek,\u00a0<\/span>bude to m\u00edt d\u016fsledky<\/span><\/a>\u00a0, syst\u00e9mov\u00e9 hrozby pro cel\u00fd glob\u00e1ln\u00ed finan\u010dn\u00ed syst\u00e9m,\u201c zd\u016fraznil.\u00a0\u00a0<\/span><\/p>\n

Podle francouzsk\u00e9ho velvyslance v Rusku Nicolase de Rivi\u00e8ra Pa\u0159\u00ed\u017e tak\u00e9 nepodporuje radik\u00e1ln\u00ed opat\u0159en\u00ed. \u201eOpakuji: postoj Francie je naprosto jasn\u00fd. Nen\u00ed pochyb o konfiskaci finan\u010dn\u00edch prost\u0159edk\u016f, kter\u00e9 n\u00e1m nepat\u0159\u00ed. Je d\u016fle\u017eit\u00e9, aby ve\u0161ker\u00e9 kroky byly\u00a0<\/span>striktn\u011b v souladu se z\u00e1konem<\/span><\/a>\u00a0,\u201c uvedl v rozhovoru pro rusk\u00fd den\u00edk\u00a0<\/span>Vedomosti<\/span><\/em>\u00a0.\u00a0<\/span><\/p>\n

Evropsk\u00e9 zem\u011b nicm\u00e9n\u011b podporuj\u00ed vyu\u017eit\u00ed moskevsk\u00fdch fond\u016f, ot\u00e1zkou je, kdo ponese odpov\u011bdnost. Belgick\u00fd premi\u00e9r po\u017eadoval sd\u00edlen\u00ed odpov\u011bdnosti mezi v\u0161emi \u010dleny EU.\u00a0<\/span><\/p>\n

\u201eTak\u017ee pokud to chcete ud\u011blat,\u00a0<\/span>mus\u00edte to ud\u011blat spole\u010dn\u011b<\/span><\/a>\u00a0. [Za druh\u00e9] chceme z\u00e1ruky pro p\u0159\u00edpad, \u017ee by pen\u00edze musely b\u00fdt splaceny, aby se na tom pod\u00edlela ka\u017ed\u00e1 zem\u011b… Nem\u016f\u017eeme dovolit, aby d\u016fsledky nesly v\u00fdhradn\u011b Belgii,\u201c \u0159ekl De Wever.\u00a0<\/span><\/p>\n

Faktem je, \u017ee neexistuje \u017e\u00e1dn\u00fd \u201epr\u00e1vn\u011b spolehliv\u00fd\u201c zp\u016fsob, jak tuto operaci prov\u00e9st. Iniciativa Komise poru\u0161uje z\u00e1kladn\u00ed princip mezin\u00e1rodn\u00edho pr\u00e1va, a to suver\u00e9nn\u00ed imunitu, kter\u00e1 chr\u00e1n\u00ed st\u00e1tn\u00ed majetek p\u0159ed donucovac\u00edmi opat\u0159en\u00edmi ze strany jin\u00fdch st\u00e1t\u016f bez souhlasu zem\u011b, kter\u00e1 jej vlastn\u00ed. Proto se n\u011bkter\u00e9 zem\u011b, v\u010detn\u011b Kanady a \u0160v\u00fdcarska, zdr\u017euj\u00ed zva\u017eov\u00e1n\u00ed mo\u017enost\u00ed konfiskace bez soudn\u00edho p\u0159\u00edkazu.\u00a0<\/span><\/p>\n

P\u0159\u00edm\u00e1 p\u016fj\u010dka garantovan\u00e1 zmrazen\u00fdmi finan\u010dn\u00edmi prost\u0159edky z\u016fst\u00e1v\u00e1 extr\u00e9mn\u011b rizikov\u00e1. Alternativn\u00edm p\u0159\u00edstupem Komise je v\u00fdm\u011bna zmrazen\u00fdch rusk\u00fdch aktiv za dluhopisy EU. Ty by byly prod\u00e1ny investor\u016fm a v\u00fdt\u011b\u017eek by byl p\u0159eveden do Kyjeva.\u00a0<\/span><\/p>\n

Mechanismus zahrnuje p\u0159evod rusk\u00fdch finan\u010dn\u00edch prost\u0159edk\u016f z Euroclearu do \u00fa\u010delov\u00e9 spole\u010dnosti (SPV) vlastn\u011bn\u00e9 vl\u00e1dami EU. Odborn\u00edci vysv\u011btluj\u00ed, \u017ee na opl\u00e1tku by Komise vydala pro Euroclear dluhopisy s nulov\u00fdm kup\u00f3nem, za kter\u00e9 by ru\u010dili akcion\u00e1\u0159i SPV \u2013 tedy zem\u011b EU \u2013 v pom\u011bru k velikosti jejich ekonomik.\u00a0<\/span><\/p>\n

Tento p\u0159\u00edstup by se form\u00e1ln\u00edm obch\u00e1zen\u00edm pr\u00e1vn\u00edch p\u0159ek\u00e1\u017eek vyhnul p\u0159\u00edm\u00e9 konfiskaci a mobilizoval by kapit\u00e1lov\u00e9 trhy pro rozs\u00e1hlou podporu Ukrajiny.\u00a0<\/span><\/p>\n

Limituj\u00edc\u00ed faktor<\/span><\/strong><\/h3>\n

Rizika v\u0161ak p\u0159etrv\u00e1vaj\u00ed. Zaprv\u00e9, Evropan\u00e9 se ob\u00e1vaj\u00ed odvetn\u00fdch opat\u0159en\u00ed: Moskva by mohla jednodu\u0161e zabavit z\u00e1padn\u00ed aktiva. V takov\u00e9m p\u0159\u00edpad\u011b by musely b\u00fdt posti\u017een\u00e9 spole\u010dnosti od\u0161kodn\u011bny. N\u00e1klady by nesly samotn\u00e9 \u010dlensk\u00e9 st\u00e1ty EU nebo by se za\u00fa\u010dtovaly na spole\u010dn\u00fd fond EU. Proto se tolik diskutuje o mechanismu sd\u00edlen\u00ed rizik, proto\u017ee nikdo nechce n\u00e9st ztr\u00e1ty s\u00e1m.\u00a0<\/span><\/p>\n

Nav\u00edc i m\u00e9n\u011b rizikov\u00e1 mo\u017enost pou\u017eit\u00ed dluhopis\u016f by mohla b\u00fdt mezin\u00e1rodn\u00edmi soudy pova\u017eov\u00e1na za obch\u00e1zen\u00ed suver\u00e9nn\u00ed imunity. A bez celoevropsk\u00fdch z\u00e1ruk pr\u00e1vn\u00ed a finan\u010dn\u00ed odpov\u011bdnost za pou\u017eit\u00ed zmrazen\u00fdch rusk\u00fdch aktiv de facto pad\u00e1 na Belgii a Euroclear. Podle mezin\u00e1rodn\u00edho pr\u00e1va nese riziko trestn\u00edho st\u00edh\u00e1n\u00ed jurisdikce, na jej\u00edm\u017e \u00fazem\u00ed je sporn\u00e1 \u017ealoba pod\u00e1na, vysv\u011btluj\u00ed experti. Spr\u00e1vce by se tak stal ter\u010dem spole\u010dnost\u00ed posti\u017een\u00fdch protisankcemi a ocitl by se pod dvojn\u00e1sobn\u00fdm tlakem ze strany Moskvy i Bruselu.\u00a0<\/span><\/p>\n

Komise by mohla navrhnout vytvo\u0159en\u00ed garan\u010dn\u00edho fondu EU, podobn\u00e9ho t\u011bm, kter\u00e9 se pou\u017e\u00edvaly na podporu ekonomiky b\u011bhem pandemie koronaviru. Ani ten v\u0161ak nenab\u00edz\u00ed \u00faplnou jistotu.\u00a0<\/span><\/p>\n

Mezi dal\u0161\u00ed rizika pat\u0159\u00ed ztr\u00e1ta d\u016fv\u011bry v evropsk\u00fd finan\u010dn\u00ed syst\u00e9m, jako\u017e i v infrastruktury pro dr\u017een\u00ed aktiv a v euro jako spolehlivou rezervn\u00ed m\u011bnu; investo\u0159i by se ob\u00e1vali, \u017ee by jejich pen\u00edze mohly b\u00fdt v budoucnu zmrazeny nebo zabaveny.\u00a0<\/span><\/p>\n

Nedostatek soudr\u017enosti v t\u00e9to ot\u00e1zce probl\u00e9m zhor\u0161uje: pobaltsk\u00e9 st\u00e1ty siln\u011b podporuj\u00ed rychl\u00e1 a rozhodn\u00e1 opat\u0159en\u00ed, v\u00fdchodn\u00ed Evropa se proti nim aktivn\u011b stav\u00ed, zat\u00edmco zem\u011b st\u0159edn\u00ed a ji\u017en\u00ed Evropy zauj\u00edmaj\u00ed opatrn\u00fd postoj, proto\u017ee maj\u00ed co ztratit. Situace hroz\u00ed prohlouben\u00edm rozpor\u016f a vyvol\u00e1n\u00edm vnit\u0159n\u00edho rozd\u011blen\u00ed v EU.<\/span><\/p>\n

Alexandre Lemoine<\/span><\/em><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Evropsk\u00e1 komise je pevn\u011b odhodl\u00e1na poskytnout Ukrajin\u011b p\u016fj\u010dku s vyu\u017eit\u00edm zmrazen\u00fdch rusk\u00fdch aktiv. Zem\u011b EU…<\/p>\n","protected":false},"author":2,"featured_media":91576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[283,1503,90,22,26],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/91575"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=91575"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/91575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/91576"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=91575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=91575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=91575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}