Belgian politicians and senior finance executives have reportedly been subjected to an intimidation campaign by Russian intelligence, aimed at discouraging Belgium from using €185 billion of frozen Russian assets to support Ukraine, according to European intelligence agencies.
Officials indicate that key figures at Euroclear, the Brussels-based securities depository holding the majority of Russia’s frozen assets, as well as Belgian government leaders, have been deliberately targeted. The campaign is believed to be orchestrated by Russia’s GRU military intelligence.
EU leaders are meeting in Brussels to decide whether to approve an initial €90 billion loan secured against the immobilized Russian central bank assets. The funds are considered critical to maintaining Ukraine’s war effort through 2026 and 2027. Belgium has expressed concerns about the legality of the scheme and insists on guarantees that Euroclear will be reimbursed if Russia successfully sues for its frozen assets.
Russia has publicly condemned the use of its frozen assets, claiming it amounts to theft, and has filed a $230 billion damages claim against Euroclear in Russian courts. Threats have reportedly been directed at Valérie Urbain, CEO of Euroclear, and other senior executives. Urbain and her team have reportedly hired security firms for protection following past threats.
Belgian Prime Minister Bart De Wever has publicly acknowledged the risk, warning that Moscow has communicated potential retaliatory actions against Belgium and its leaders if the assets are seized.
Other EU countries, including the UK, which holds an estimated €27 billion of Russia’s frozen assets, support the move to deploy the funds for Ukraine. Belgium has also urged countries holding frozen Russian assets—estimated at €290 billion worldwide—to take similar steps to show solidarity and reduce legal risks.
Experts say the EU-backed loan is vital for Ukraine’s financial stability, ensuring predictable funding for defense and social programs. Nataliia Shapoval, head of Kyiv’s KSE Institute, stressed that Ukraine will need $50 billion in external financing in 2026, with only half currently committed.
The EU funding is also expected to put medium-term financial pressure on Russia, which plans to spend 38% of its 2026 state budget on military operations while facing a projected budget gap of around $70 billion.
