Russian intelligence agents they were supposed to target key people at Euroclearthe Belgian securities depository where most of the frozen assets are kept, reports the British daily “The Guardian”, citing European intelligence agencies.
A European official told the newspaper that the campaign was likely the work of Russia's GRU military intelligence service, although the scope and severity of the threat were unclear. — They certainly used scare tactics – the interlocutor emphasized.
The alleged threats were directed at Euroclear CEO Valerie Urbain and other senior executives of the financial institution.
Euroclear declined to comment when contacted by The Guardian, stating that “any potential threats are treated with the highest priority and thoroughly investigated, often with the support of the relevant authorities.”
A spokesman for Belgian Prime Minister Bart De Wever also declined to comment on reports of threats from Russia, and a spokesman for Belgian Foreign Minister Maxime Prevot said the ministry had “no information” on the matter.
Decisive talks in Brussels
The report came as EU leaders gathered in Brussels on Thursday for crucial talks on using frozen assets to strengthen Kiev's position.
The EU has estimated that Ukraine needs an additional EUR 135 billion (PLN 568 billion) to survive the next two years, and the European Commission wanted to fill this gap, using frozen assets.
However, Belgium has been staunchly opposed to this idea from the beginning, fearing that it may be forced to face financial and legal repression from Moscow, which has already announced plans to sue Euroclear for $230 billion. (PLN 827 billion).
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Ultimately, European leaders failed to reach an agreement on using Russian assets to help Ukraine. However, there is a proposal for another, temporary solution on the table, under which aid for Kiev in the amount of EUR 90 billion (PLN 379 billion) will be financed from common debt.
On Thursday morning, De Wever repeated in a speech addressed to Belgian parliamentarians that the proposal to use Russian assets is “questionable” from the point of view of international law. He also stated that failure to resolve this issue would be a “huge geopolitical shame” for Europe.
In his opinion, if EU countries agreed to share the risk equally to protect Belgium, “then we will all jump off this rock together… and hope that the parachute will hold us.”
Recently, the Belgian Prime Minister came under pressureto abandon their strong opposition that has so far blocked the process.
POLITICO, citing an EU diplomat, wrote on December 10 that the Belgian Prime Minister could be “excluded and ignored, just like the Hungarian Prime Minister Viktor Orban” if he refuses to cooperate. “The message for Belgium is that if it does not join the agreement, its diplomats, ministers and leaders will lose their voice at the EU table,” the POLITICO article emphasized.
Belgium will feel the effects 'forever'
The Kremlin made public threats against Belgium and Euroclear. He threatened “decades” worth of trials judicial proceedings and presented this plan as a “hostile act” against Russia.
Former Russian President Dmitry Medvedev wrote on social media that Belgium would “disappear” if Russia tested the Poseidon nuclear-powered underwater superweapon off its coast.
Belgium was also one of the main targets of a series of drone attacks on airports, military bases and a nuclear power plant.
— And who believes that Putin will calmly accept the confiscation of Russian assets? Moscow has made it clear that in the event of seizure of assets Belgium and I personally will feel the effects of this forever — said De Wever in an interview for the “La Libre” newspaper at the beginning of December.
Prime Minister of Belgium Bart De Wever before the European Council meeting in Brussels. December 18, 2025JOHN THYS / AFP / AFP
On Thursday in Brussels, Polish Prime Minister Donald Tusk warned leaders that “we have a simple choice: either money today or blood tomorrow.” “All European leaders must finally rise to the challenge,” he appealed. – I'm not just talking about Ukraine, I'm talking about Europe – he added.
— We simply cannot afford to fail. We need to show that we are strong, said EU foreign policy chief Kaja Kallas. And German Chancellor Friedrich Merz said the asset plan would be a “clear signal to Russia.”
After the decision regarding the Russian assets was made, De Wever stated that he was open to further discussions regarding their use, but ruled out the possibility of this happening as early as January.In his opinion, on Thursday “rationalism prevailed.”
I’m Ashley Davis as an editor, I’m committed to upholding the highest standards of integrity and accuracy in every piece we publish. My work is driven by curiosity, a passion for truth, and a belief that journalism plays a crucial role in shaping public discourse. I strive to tell stories that not only inform but also inspire action and conversation.
