Russian Intelligence Campaign Targets Belgian Officials to Block Assets for Ukraine

Recent reports indicate that Belgian politicians and senior finance executives are facing intimidation tactics orchestrated by Russian intelligence. This campaign aims to dissuade Belgium from utilizing €185 billion in frozen assets for Ukraine, according to insights from European intelligence agencies. The situation underscores the complex geopolitical tensions surrounding financial support for Ukraine amidst ongoing conflict.

Targeting Key Figures

Security officials have revealed to reliable sources that certain individuals at Euroclear, the main securities depository where most of Russia’s frozen assets are held, have been deliberately targeted. This includes high-ranking leaders in Belgium who play a critical role in financial decisions. On Thursday, EU leaders gathered in Brussels to deliberate on whether to approve urgent financial aid for Ukraine, which is crucial to sustaining its defense through 2026 and 2027.

While the campaign is believed to be instigated by Russia’s GRU military intelligence, there is ongoing debate about the scope and seriousness of the threats involved. A European official noted, “They have certainly engaged in intimidation tactics.”

Legal Concerns and Repercussions

Belgium’s focus in this matter is significant due to the fact that €185 billion of the €210 billion in frozen Russian central bank assets held by the EU is located within the Brussels-based Euroclear. During this week’s meetings, EU leaders are expected to reach a decision on an initial €90 billion loan backed by these immobilized Russian assets. Belgium has expressed reservations regarding the legality of this scheme and will only proceed if Euroclear can be guaranteed full reimbursement in the event of a successful lawsuit by Russia.

Publicly, Russia has described the use of these assets as theft, and its central bank is seeking $230 billion in damages from Euroclear in the courts. Alongside these legal threats, major focus has been placed on key individuals, including Valérie Urbain, the CEO of Euroclear, who has reportedly received direct threats.

Security Measures

While Euroclear has refrained from commenting on specific threats, they emphasized that any potential threats are taken very seriously and investigated thoroughly with the relevant authorities. Recent investigations have highlighted that Valérie Urbain requested police protection after facing threats linked to her role in these complex financial discussions. Following the denial of police protection, Urbain and other executives engaged private security firms for additional protection.

During an interview with Le Monde, Urbain revealed that she has been accompanied by a bodyguard for over a year, but she did not directly discuss the nature of her security arrangements.

Political Reactions

In a recent public discourse, Bart De Wever, Belgium’s Prime Minister, addressed the gravity of the situation during an interview. He articulated concerns about the potential repercussions from Russia should Belgian assets be seized. He commented, “Moscow has indicated that if we touch their money, the effects will be felt indefinitely.” These statements echo calls for understanding the significant legal and financial risks faced by Western companies engaged in such discussions.

Do Other Countries Share the Burden?

The UK government, which holds approximately €27 billion of Russia’s frozen assets, is in favor of using these funds to support Ukraine. Belgium is advocating that other countries, with a combined estimate of €290 billion in frozen Russian assets globally, also step up and demonstrate solidarity to alleviate legal challenges.

Ukrainian officials and analysts are vocal about the critical need for the proposed EU loan, which is deemed essential for Ukraine’s war effort in the years to come. According to Nataliia Shapoval, head of the KSE Institute, there is an urgent requirement for an additional $50 billion in external financing for 2026, with only a portion of that already secured. The economist stressed that this financing is vital for maintaining defense operations and making necessary investments in armaments for the future.

While Ukraine may manage the initial months of the upcoming year without immediate EU support, significant challenges are anticipated in the second half of the year, potentially forcing the country to make tough choices regarding defense budgets and social spending. Ukrainian officials hope that securing an EU funding deal will impose medium-term financial stress on Russia, which is projected to allocate 38% of its state budget to military funding next year.

Conclusion

The intersection of politics, finance, and security in this unfolding situation highlights the delicate balance that Belgian leaders must maintain amid external pressures. With ongoing intimidation tactics targeting prominent figures, the challenges in moving forward with support for Ukraine remain multifaceted and complex.

• Belgian officials face threats from Russian intelligence to halt the use of frozen assets for Ukraine.
• €185 billion of Russia’s frozen assets are held at Euroclear, heightening the stakes for Belgium.
• Concerns over potential legal repercussions continue to drive political discussions in Belgium.
• The EU loan is crucial for Ukraine’s military efforts but poses risks for Western countries.