Belgian politicians and senior financial executives have become the targets of a deliberate intimidation campaign orchestrated by Russian intelligence, according to European security agencies. The operation aims to pressure Belgium into blocking plans to use €185 billion in immobilised Russian central bank assets to support Ukraine's war effort.
The Epicentre of the Financial Standoff
Belgium finds itself at the heart of this high-stakes financial conflict because the Brussels-based securities depository, Euroclear, holds the vast majority of the €210 billion in Russian state assets frozen by the EU since the full-scale invasion began. As EU leaders gathered in Brussels to debate an initial €90 billion loan for Ukraine secured against these assets, intelligence officials revealed the covert pressure tactics.
Security sources indicated the campaign is believed to be the responsibility of Russia's GRU military intelligence. "They have been engaged in the tactics of intimidation for sure," one European official stated. The threats have been specifically directed at key individuals, including Valérie Urbain, the chief executive of Euroclear, and other senior executives at the financial group.
Personal Threats and Political Warnings
An investigation by EUobserver reported that threats were made against Urbain in 2024 and 2025, leading her to request Belgian police protection. When this was denied, she and other executives reportedly hired private security firms, first Belgian then French, to provide bodyguards. A November profile in Le Monde noted she had been accompanied by a bodyguard for over a year.
The political leadership has also been directly warned. Belgian Prime Minister Bart De Wever stated publicly, "And who believes that Putin will calmly accept the confiscation of Russian assets? Moscow has let us know that in the event of a seizure, Belgium and I personally will feel the effects for eternity." His office later elaborated, citing Russian threats of countermeasures including confiscation of Western money in Russian banks and seizure of Western companies.
Euroclear declined to comment on specific threats but said, "Any potential threats are treated with the utmost priority and investigated deeply, often with the support of authorities as appropriate." A spokesperson for Deputy Prime Minister Maxime Prévot said they had "no such information" about threats to him.
Legal Battles and Ukraine's Critical Need
Belgium has voiced legal concerns about the EU's asset plan, insisting it will only agree if Euroclear receives guarantees of full reimbursement should Russia successfully sue. Russia's central bank is already seeking $230 billion in damages from Euroclear in a Russian court case, publicly warning that utilising the frozen funds amounts to theft.
Meanwhile, the outcome of the EU's decision is critical for Ukraine's survival. Nataliia Shapoval, head of the KSE Institute in Kyiv, said Ukraine requires $50 billion in external financing in 2026, with only half committed. She described fresh international financing as "absolutely critical" for predictable defence spending. Without the EU loan, Ukraine would face severe budget cuts from the second quarter of 2025, forcing difficult trade-offs between military and social expenditure.
The UK, which holds an estimated €27 billion of frozen Russian assets, supports the move. Prime Minister Keir Starmer has also given Roman Abramovich a 90-day ultimatum to release £2.5 billion from Chelsea FC's sale for Ukrainian victims, a move the billionaire has contested.
As the intimidation campaign underscores, the fight over frozen Russian assets has moved beyond boardrooms and courtrooms into the shadowy realm of espionage and coercion, with Belgium's financial and political elite on the front line.
