russian special services intimidated Belgian politicians and financiers over frozen assets

This was reported by The Guardian, citing European intelligence services, according to Ukrinform.

Security service representatives told the publication that the russians had targeted key figures at the Belgian depository Euroclear, which holds most of russia's frozen assets, and Belgian political leaders.

russian military intelligence, known as the GRU, is most likely responsible for the campaign, although there is debate about the extent of the threat. ‘They have undoubtedly used intimidation tactics,’ said one European official.

Belgium is in the spotlight because €185 billion of the €210 billion in russian Central Bank assets frozen by the EU since the start of the full-scale invasion of Ukraine are held at Euroclear in Brussels. russia has publicly warned that it would consider the use of these assets as ‘theft.’

According to the publication, the threats were directed at Euroclear CEO Valerie Urbain and other senior officials of the financial group. An investigation conducted earlier this month by the EUobserver news site mentions threats made to Urbain in 2024 and 2025 and that she asked the police for protection. According to the report, her request was denied, and she and other company executives hired employees from first a Belgian and then a French security firm.

Euroclear declined to comment and said that any potential threats ‘are treated as a matter of priority and investigated thoroughly, often with the support of the relevant authorities.’

In early December, Belgian Prime Minister Bart De Wever said in an interview with La Libre newspaper: ‘Moscow has made it clear to us that in the event of confiscation (of russian assets – ed.), Belgium and I personally will feel the consequences of this forever.’ When asked to explain these comments, the Prime Minister's office referred to De Wever's previous statements in which he described the legal and financial risks faced by Western companies.

Source: Ukrinform