Russian Intelligence Targets Belgian Politicians and Finance Chiefs Over Frozen Assets
European intelligence agencies have revealed a chilling strategy employed by Russian intelligence to intimidate Belgian politicians and senior finance executives. The goal is to persuade Belgium to block the use of €185 billion in assets frozen by the EU, which are intended for Ukraine's war efforts. This campaign is believed to be orchestrated by Russia's GRU military intelligence, with a particular focus on key figures at Euroclear, the securities depository holding the majority of Russia's frozen assets.
The EU leaders gathering in Brussels this week are grappling with a critical decision. They must approve the lending of €90 billion secured on Russian central bank assets, vital for maintaining Ukraine's war effort through 2026 and 2027. This decision is not without controversy, as some Belgian officials express concerns about the legality of the scheme and demand guarantees for Euroclear's reimbursement if Russia sues.
Russia has issued public warnings, labeling the utilization of these assets as theft and threatening to sue Euroclear for $230 billion in damages. However, the intimidation campaign appears to be directed at specific individuals. Threats have been made against Valérie Urbain, the CEO of Euroclear, and other senior executives, prompting her to seek Belgian police protection. Despite initial denials, Urbain eventually hired security firms for her safety.
Belgian Prime Minister Bart De Wever's comments have also sparked debate. He warned that Russia would not accept the confiscation of its assets calmly, suggesting potential repercussions for Belgium. This aligns with previous statements from De Wever, who emphasized the legal and financial risks faced by Western companies. The UK, holding €27 billion in frozen Russian assets, supports the use of these funds for Ukraine, while Belgium urges other countries to follow suit for solidarity and legal risk reduction.
The EU loan is crucial for Ukraine's war efforts, with officials acknowledging its importance for the next couple of years. The KSE Institute's Nataliia Shapoval highlights the need for $50 billion in external financing in 2026, with only half committed. This international financing is deemed 'absolutely critical' for Ukraine's defense ministry, ensuring predictable cash flows for weapon purchases and future capital investments in the armaments industry.
