European intelligence agencies accuse Russian intelligence of organizing a campaign of intimidation against Belgian politicians and top managers in the financial sector. The goal is to prevent Belgium from supporting the European Union’s plan to grant Ukraine a large “reparation loan” secured by frozen Russian assets, The Guardian reports, citing intelligence sources.
The campaign mainly targeted key employees of the Brussels-based Euroclear depository, where most of the Russian Central Bank’s sovereign assets are held — about €185 billion out of a total of €210 billion frozen by the EU after Russia’s full-scale invasion of Ukraine. Threats were made, in particular, against Euroclear CEO Valérie Urbain and other senior executives of the company. Earlier, media reports said that Urbain had been using personal security for over a year, hiring first a Belgian and then a French security firm.
Sources at The Guardian believe that the campaign was orchestrated by the Main Directorate of the General Staff of the Russian Armed Forces (GRU). “They definitely used intimidation tactics,” said one European official, although experts disagree on the actual extent of the threat. Euroclear declined to comment, stating only that any potential threats are being investigated with the involvement of the authorities.
Belgium has long expressed serious concerns about the EU plan. The country fears legal and financial risks: if Moscow’s lawsuits are successful or sanctions are lifted, Euroclear (and, accordingly, Belgium) could face multi-billion dollar claims. Belgian Prime Minister Bart De Wever has repeatedly stated that Brussels will not support the initiative without 100% guarantees from all EU countries. He also mentioned “incredible pressure” and warnings from Moscow about “eternal consequences.”
The “reparation loan” plan provides for borrowing funds against frozen assets without their direct confiscation. Ukraine will receive a loan (initially around €90 billion) for 2026–2027, which it will only have to repay after receiving reparations from Russia following the war. The alternative is joint EU borrowing on the markets, but this option requires unanimity and is considered more expensive. Today and tomorrow, EU leaders are discussing the final decision on financing Ukraine at a summit in Brussels.