The Guardian: Russia threatened Belgian politicians over frozen assets

Russian security services intimidated Belgian politicians and senior executives of financial institutions in an effort to block the use of frozen Russian assets for the benefit of Ukraine, the London-based Guardian reported this, citing sources in European intelligence services and politicians across Europe.

“Security officials indicated to the Guardian that there had been deliberate targeting of key figures at Euroclear, the securities depository holding the majority of Russia’s frozen assets, and leaders of the country,” the text reads.

Belgium has found itself at the center of attention because Euroclear holds 185 billion euros of the 210 billion euros in Russian central bank assets that have been frozen by the EU since the start of Russia’s full-scale invasion of Ukraine.

Officials believe the campaign was orchestrated by Russian military intelligence, although there is ongoing debate about the scale of the actual threat, the report said.

Threats were reportedly directed at Euroclear Chief Executive Officer Valerie Urbain and other senior executives at the financial services group. While Urbain has declined to confirm the threats publicly, it is known that since 2024 Euroclear’s top management has been using personal security.

Sources told The Guardian that Belgian Prime Minister Bart De Wever was also targeted. In October and November 2025, he repeatedly commented on the issue of frozen Russian assets.

“Moscow has told us that if we touch the money, we would feel the consequences until eternity,” De Wever said in October.

A spokesman for Belgian Foreign Minister Maxime Prévot said the ministry “has no such information” regarding possible threats against the foreign affairs minister.

Belgium continues to block a reparations loan for Ukraine that would be backed by profits generated from frozen Russian assets.

Previously, UWC Executive Committee member Zenon Kowal explained that Belgium is not categorically opposed to using frozen Russian assets to support Ukraine but insists on robust legal guarantees.