A campaign of intimidation against Belgian politicians and executives of the Euroclear depository—where Russia’s frozen foreign currency reserves are held—has been orchestrated by Russian intelligence, The Guardian reports, citing European security services. Earlier, Belgian Prime Minister Bart De Wever said that Moscow had threatened to “pursue him forever” if the funds were seized to provide a reparations loan to Ukraine.
The campaign is believed to be led by Russia’s military intelligence agency, the GRU, which has been deliberately targeting top Euroclear executives, including CEO Valérie Urbain, as well as Belgium’s leadership, European intelligence officials told The Guardian. While assessments of the severity of the threats vary, one European official said that “intimidation tactics are definitely being used.”
Urbain has repeatedly spoken out publicly against a plan prepared by the European Commission to seize €185 billion in cash held at Euroclear. The funds are proposed to be included in a €210 billion package that would finance Ukraine’s military and budgetary needs for about two years. De Wever is also the leading opponent of this plan within the EU, demanding that the bloc’s partners share the financial and legal risks with Belgium. Guarantees proposed by the European Commission and several EU leaders have so far failed to persuade him. Speaking at a Catholic conference in early December, De Wever said: “Moscow has made it clear to us that if confiscation occurs, Belgium and I personally will feel the consequences forever. That seems like quite a long time.”
According to a recent investigation by EUobserver, Urbain received threats in 2024 and 2025. She sought protection from the Belgian police but was denied. As a result, she and other company executives first hired a Belgian, and later a French, private security firm.
EU leaders will hold a summit on Thursday and Friday, with the search for funding to support Ukraine as the central issue. The initial plan envisages allocating €90 billion from frozen Russian reserves. To address Belgium’s concerns that it could be forced to unexpectedly return the funds, the EU recently decided to freeze the assets indefinitely. Under the European Commission’s plan, the money could be returned to Russia only if it pays reparations to Ukraine.
European Council President António Costa has pledged that leaders will “never leave” the summit until an agreement is reached. Speaking to journalists on Thursday morning, De Wever said he could not agree to the proposed text until certain “obstacles to reaching an agreement” are removed, Financial Times reported:
“Otherwise they will have to carry me out of there. There can be no flexibility on issues that threaten the financial security of Euroclear and Belgium. That must be absolutely clear. I have not yet seen a text that would persuade me to change Belgium’s position. I hope I will see it today, but so far I have not.”
