The Guardian: Russia's intelligence services intimidate Belgian officials to preserve their assets

Belgian politicians and financial executives have been targeted by Russian intelligence because of frozen assets. This was reported by the British newspaper The Guardian citing data from European intelligence services.

Belgian politicians and senior financial executives have been subjected to a campaign of intimidation organized by Russian intelligence to persuade the country to block the use of €185 billion in assets to secure a loan to Ukraine.

Key figures at Euroclear, the securities depository that holds most of the frozen Russian assets, as well as the country's leaders, have come under attack.

Officials believe that Russian military intelligence (the Main Intelligence Directorate) is responsible for this campaign, although the level of threat is disputed.

"They definitely used intimidation tactics," said one European official.

Belgium is in the spotlight because 185 billion euros of the 210 billion euros of assets of the Central Bank of Russia frozen by the European Union since the start of Russia's full-scale invasion of Ukraine are held by the Brussels-based Euroclear.

on December 18-19, European Union leaders will meet to decide whether to approve a €90 billion loan to Ukraine secured by immobilized assets of Russian banks. Belgium has expressed concern about the legality of the scheme and said it would only agree if there were guarantees of full reimbursement to Euroclear in the event of a successful lawsuit by Russia.

According to the British newspaper, the intimidation campaign was focused on key individuals. The threats were directed at Valerie Urben, CEO of Euroclear, and other senior executives of the financial group.

Euroclear declined to comment: "Any potential threats are treated as a matter of priority and thoroughly investigated, often with the support of the relevant authorities."

An investigation earlier this month by the EUobserver news site cited threats against Urbain in 2024 and 2025, as well as her request for protection from the Belgian police. This was denied, and according to the report, she and other company executives hired first a Belgian and then a French security firm.

In early December, Belgian Prime Minister Bart de Wever said in an interview with La Libre newspaper: "Moscow has made it clear to us that in the event of confiscation, Belgium and I personally will feel the consequences forever."

• On September 10, the European Commission put forward an idea of reparations loan of EUR 140 billion, based on the cash balances of Russian frozen assets.
• Belgium blocked a decision to approve a reparations loan for Ukraine.
• December 2 it became known the European governments have accused Belgium of excessive demands in the form of carte blanche if Russia sues over frozen Russian assets held in Brussels.
• On December 16, it was reported that Belgium still disagrees to the guarantees offered by the European Commission to use the frozen assets of the Russian Federation to help Ukraine.