Russian intelligence targets Belgian politicians and finance bosses over potential use of frozen assets

Belgian politicians and senior finance executives are reportedly being targeted by Russian intelligence in an intimidation campaign aimed at dissuading the EU from using some €185 billion in frozen Russian assets to fund Ukraine’s defence, The Guardian reported on Wednesday.

Sources in European intelligence agencies say key figures at securities depository Euroclear, which holds most of Russia’s frozen assets, as well as Belgian leaders, have been deliberately targeted. Threats have been aimed at Euroclear chief executive Valérie Urbain and other senior finance executives, a week after Russia’s Central Bank threatened to sue the depository.

EU leaders are debating using the seized assets to finance a proposed €90-billion loan to Ukraine to cover its military and civilian costs over the next few years. Belgium has raised concerns about the legality of the scheme and has requested assurances that Euroclear would be reimbursed if Russia sues it successfully.

The intimidation campaign, believed to be orchestrated by Russia’s GRU military intelligence, comes amid Russian warnings that using frozen assets would breach international law. Ukraine sees the EU loan as vital to sustaining its defence and hopes it will also increase international pressure on Russia.

Kyiv-based economic think tank KSE Institute warns that Ukraine will need $50 billion (€42 billion) in external financing in 2026, only half of which has already been committed. Natalia Shapoval, the institute’s head, told The Guardian that securing additional EU funding was “absolutely critical” to maintain defence spending.

Euroclear said “any potential threats are treated with the utmost priority and investigated deeply, often with the support of authorities as appropriate”.

The dispute reflects broader tensions over Europe’s handling of frozen Russian assets, with Brussels-based Euroclear having held €185 billion of Russia Central Bank assets since the start of Russia’s invasion of Ukraine.