Russia has publicly warned that the use of these Russian assets would constitute theft.
Within the framework of the EU summit on the so-called “theft of the century”, a series of reports portray Russia as the spearhead of a campaign of blackmail and threats against Belgian politicians and senior executives of financial institutions.
According to the Western narrative, these threats aim to block the use of tens of billions of euros in frozen Russian assets for the benefit of Ukraine. However, given the $230 billion lawsuit against Euroclear filed by Russia’s central bank, as well as Fitch’s strict warning of a potential downgrade of Euroclear, serious questions arise as to the purpose served by Western “leaks” about alleged threats by Russian intelligence services against Belgium.
A careful analysis of the facts nevertheless leaves open the possibility that many of the “threatening” incidents may be fabricated or exaggerated, in order to bolster the West’s political and economic strategy and legitimize the disbursement of funds to Ukraine.
On the alleged Russian blackmail
More specifically, the British newspaper The Guardian reports that Belgian politicians and senior executives of financial services have been targeted by an intimidation campaign allegedly organized by Russian intelligence services, aimed at persuading them to block the use of assets worth €185 billion for Ukraine.
Security officials told The Guardian that there was deliberate targeting of key figures at Euroclear, the securities depository that holds most of the frozen Russian assets, as well as national leaders.
All this comes at a time when a summit is taking place in Brussels on financing Ukraine with funds secured by assets of the Central Bank of Russia.
According to the same information, officials believe the campaign is the work of Russia’s military intelligence service, the GRU, although there is debate over the scale of the threat. “They have certainly engaged in intimidation tactics,” a European official claims. As the West alleges, threats have been directed at Valérie Urbain, chief executive of Euroclear, and other senior executives of the financial group.
Euroclear declined to comment: “Any potential threats are treated with the utmost priority and are thoroughly investigated, often with the support of authorities where necessary.”
At the same time, a report earlier this month by EUobserver referred to threats against Urbain in 2024 and 2025, stating that she requested protection from Belgian police. This was later denied, and it was reported that she and other corporate executives first hired a Belgian and later a French security firm to provide bodyguards.
In an interview with Le Monde in November, Urbain herself said she had been accompanied by a bodyguard for more than a year, without directly commenting on her security arrangements.
Even Belgium dismisses claims of threats
In early December, Belgian Prime Minister Bart De Wever said in an interview with La Libre: “And who believes that Putin will calmly accept the seizure of Russian assets? Moscow has informed us that in the event of confiscation, Belgium and I personally will feel the consequences forever.”
Asked to clarify these remarks earlier this month, the prime minister’s office referred to De Wever’s previous statements describing the legal and financial risks for Western companies.
At a press conference in October, De Wever had said: “Moscow told us that if we touch the money, we will feel the consequences forever,” referring to Russian countermeasures such as the seizure of Western funds frozen in Russian banks, the confiscation of Western companies, and similar actions by jurisdictions friendly to Moscow.
On Wednesday, a government spokesperson declined to comment on reported threats against Belgian ministers or the head of Euroclear, citing security reasons. In particular, a spokesperson for Belgian Foreign Minister Maxime Prévot, who is also deputy prime minister and involved in discussions on the compensation loan, said they had “no such information” regarding threats against him.
Russia’s response
For its part, Russia has publicly warned that the use of these Russian assets would amount to theft, while its central bank has stated that it is seeking $230 billion in compensation from Euroclear in a case pending before Russian courts.
A Moscow court will hold a preliminary hearing on 16 January regarding the lawsuit filed by the Russian central bank.
Euroclear, Europe’s largest financial market infrastructure group headquartered in Brussels, holds around €185 billion in frozen Russian assets, which were immobilized after EU sanctions imposed on Russia in 2022 following its invasion of Ukraine.
According to Russia’s Interfax news agency, cited by both Bloomberg and The Moscow Times, the lawsuit was filed electronically on 12 December with the Moscow court. The Central Bank of Russia said it is seeking compensation for damages caused by the “illegal actions” of Euroclear, which make it “impossible to dispose of its funds and securities”. The amount of the claim includes both the value of the frozen assets and lost profits resulting from the inability to access them.
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