Russia Launches Intimidation Campaign in Belgium to Block Use of Frozen Assets for Ukraine

Russia has initiated a campaign of intimidation against Belgium to prevent the use of its frozen assets for Ukraine, according to European intelligence agencies, The Guardian reporteed on December 18.

The campaign has targeted important figures at Euroclear, the Belgian-based securities depository holding $216 billion of Russia’s frozen assets. This follows EU leaders' discussions about using these assets to fund Ukraine’s war efforts.

Sources told The Guardian that the intimidation campaign involves direct threats to individuals, including Valérie Urbain, the CEO of Euroclear, and other senior executives. These threats come as the EU debates the approval of a $246 billion reparations loan for Ukraine, based on Russia’s frozen central bank assets.

While Russia has warned that using the assets would amount to theft and is seeking $230 billion in damages, Belgium remains cautious about the legal and financial risks of moving forward with the scheme.

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War in Ukraine

European Leaders Push to Seize Russia’s Frozen Billions for Ukraine. Why Now?

Feb 21, 2025 20:22

In December, Bart De Wever, Belgium’s prime minister, said: “And who believes that Putin will calmly accept the confiscation of Russian assets? Moscow has let us know that in the event of a seizure, Belgium and I personally will feel the effects for eternity.”

“Moscow warned us that if we touch the money, we will face consequences for eternity,” and went on to mention potential Russian retaliatory actions, such as the confiscation of Western funds frozen in Russian banks, the seizure of Western companies, and similar measures from Moscow-aligned jurisdictions, De Wever stated at a press conference in October.

The stakes are high, as the frozen Russian assets are crucial for maintaining Ukraine’s war effort. European and Ukrainian officials have emphasized that the loan is essential to Ukraine’s financial stability for 2026 and beyond, according to The Guardian.

However, the ongoing tension and threats from Russia complicate the decision-making process for EU leaders, with Belgium insisting that other countries holding Russian assets show solidarity to mitigate the legal risks.

Previously, it was reported that The European Union has decided to indefinitely immobilize Russian assets, ensuring that up to $246 billion in Russian funds remain on EU soil until Russia fully pays reparations for the damage caused to Ukraine, EU High Representative for Foreign Affairs and Security Policy Kaja Kallas wrote in a post on X.

“We keep increasing the pressure on Russia until it takes negotiations seriously. Next week’s European Council will be crucial to secure Ukraine’s financial needs for the coming years,” Kallas stressed.

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