Belgian financiers pressured by Russian intelligence over frozen assets
Belgian politicians and financial leaders have come under pressure from Russian intelligence over assets amounting to 185 billion euros frozen at the Euroclear company in Brussels. This is reported by the British publication The Guardian, citing European intelligence services.
Russian intelligence reportedly used intimidation tactics aimed at forcing Belgium to block the use of the frozen assets to secure credit for Ukraine. Particular emphasis was placed on key figures in Euroclear, notably CEO Valérie Urbain. This depository holds a large portion of the frozen Russian assets, which represent 185 billion euros out of the 210 billion euros frozen by the European Union following the full-scale invasion of Ukraine by Russia.
European officials believe that Russian military intelligence is behind these actions, though the extent of the threat is disputed. A meeting of EU leaders, which will be held on 18-19 December, is expected to decide whether to agree on a 90 billion euro loan to Ukraine using these assets. Belgian politicians have expressed concerns about the legality of such a scheme and insist on guarantees of compensation in the event of lawsuits from Russia.
Euroclear refrains from commenting, stating that any threats are considered a priority and are thoroughly investigated with the involvement of relevant authorities. Additionally, an EUobserver investigation found that CEO Valérie Urbain sought protection from Belgian police in 2024 and 2025, but her requests were denied. Urbain and other financial leaders were forced to take protection from private security companies from Belgium and France.
Belgian Prime Minister Bart De Wever earlier stated that Moscow threatened serious consequences in the event of confiscation of assets. The European Commission proposed the idea of reparations loans amounting to 140 billion euros using the frozen assets, but Belgium blocked this decision, expressing demands for guarantees in the event of legal claims from Russia.
| Date | Event |
|---|---|
| September 10 | The European Commission proposed a reparations loan of 140 billion euros |
| December 2 | The EU accused Belgium of excessive demands |
| December 16 | Belgium did not agree to the EU’s proposals |
