Russia pressures Belgium over Russian assets: threats to politicians and Euroclear.

According to ТСН: Politicians and leaders in Belgium's financial sector have become victims of a campaign of intimidation organized by Russian intelligence aimed at preventing the country from using frozen Russian assets to assist Ukraine. This information is provided by European intelligence agencies.

The key targets of this pressure have been officials at the Euroclear depository, where a large part of the frozen assets of the Central Bank of Russia are stored, as well as high-ranking Belgian government officials.

Discussion on credit for Ukraine

European leaders, meeting in Brussels, are considering the possibility of providing a loan to Ukraine secured by Russian assets. This funding is critically important for supporting Kyiv's defense capability in 2026-2027.

According to European intelligence services, the intimidation campaign is coordinated by the Russian military intelligence — the GRU. One of the officials confirmed that Moscow resorts to the tactic of systemic pressure on individuals.

Why Belgium

Belgium attracts attention as about 185 billion euros of the 210 billion euros of frozen Russian Central Bank assets in the EU are concentrated at the Brussels Euroclear.

The EU is considering providing Ukraine with the first tranche of a loan of 90 billion euros, secured by these assets. However, Belgium expresses concerns about legal risks and insists on guarantees of full compensation for Euroclear in case of potential lawsuits from Russia.

Russia publicly states that the use of these assets would be 'theft', and the Central Bank of Russia is already trying to recover 230 billion dollars in compensation from Euroclear through Russian courts.

Threats to Euroclear’s leadership

Media reports indicate that threats have been made against Euroclear's CEO Valerie Urbean and other top managers of the company. The depository has decided not to comment on the situation, stating that all threats are taken very seriously in cooperation with relevant authorities.

Earlier, Belgian media noted that Urbean uses personal security services along with bodyguards.

Belgium's Prime Minister Bart De Wever has previously emphasized that Moscow hinted that the consequences for Belgium in the event of asset confiscation 'would be felt for a long time', suggesting possible Russian countermeasures.

Critical need for funding in Ukraine

In Ukraine, it is emphasized that the upcoming loan from the EU is key to continuing defense efforts. According to KSE Institute head Natalia Shapoval, Ukraine will need about 50 billion dollars in external financing by 2026, of which half is currently unfunded.

The economist noted that stable funding is critically important for purchasing weapons and developing the defense industry. Without additional assistance, serious financial problems may arise as early as the second quarter of next year.

Experts believe that using frozen assets could intensify financial pressure on Russia, which plans to allocate 38% of its state budget to the war by 2026, having a deficit of about 70 billion dollars.

Thus, the situation surrounding frozen assets and plans for lending to Ukraine is important not only for Kyiv's financial stability but also for geopolitical relations in Europe. Events in Belgium may have far-reaching consequences for both local and international contexts, especially in connection with security challenges and the economic situation in Ukraine.