Russian intelligence puts pressure on Belgium over frozen Russian assets for Ukraine
Belgian politicians and financial sector executives have been targeted by a coordinated intimidation campaign, which, according to European intelligence services, was organised by Russian military intelligence. The purpose of the pressure is to try to force Belgium to block the EU's decision to use Russia's frozen assets to provide financial support to Ukraine. This was reported by The Public with reference to The Guardian.
According to The Guardian, citing security sources, the attacks focused on Euroclear's Brussels headquarters, which holds about €185bn of the €210bn of Russian assets frozen in the EU since the start of the full-scale war.
European leaders are discussing a loan of up to €90bn to Ukraine this week to secure these funds. The funding is seen as critical to maintaining Ukraine's defence capability in 2026 and 2027. At the same time, Belgium insists on legal guarantees because of the risk of lawsuits from Russia.
According to journalists, the threats were made, in particular, to Euroclear CEO Valerie Urbain and other top managers. The Russian central bank has already announced its intention to demand $230bn in compensation from Euroclear.
Belgian Prime Minister Bart de Vever has previously publicly acknowledged that Moscow has warned of serious consequences in the event of asset confiscation, including mirror actions against Western companies.
Economists note that without additional external funding, Ukraine may face an acute shortage of funds in the second half of 2026. According to the Kyiv School of Economics, Ukraine needs at least $50 billion in foreign aid in 2026, while only half of this amount has been confirmed.
At the same time, the pressure could become painful for Russia. It is expected that in 2026, up to 38 per cent of the Russian budget will be spent on military spending, and the budget deficit could reach $70bn by the end of 2025.
