Russian intelligence threatens Belgian leadership to derail reparations loan, media report
Photo: Bart De Wever, Prime Minister of Belgium (Getty Images)
Russian intelligence is using intimidation tactics against Belgium in an effort to force it to block a decision on a reparations loan for Ukraine, The Guardian reports.
Unnamed security sources told the outlet that targeted pressure was exerted on key figures at Euroclear, the Belgian-based depository that holds a large share of Russia's frozen assets, as well as on the country's leadership.
Officials believe the campaign is being carried out by Russia's military intelligence agency, the GRU.
"They have been engaged in the tactics of intimidation for sure," one European official told The Guardian.
According to journalists, threats were directed in particular at Euroclear CEO Valérie Urbain, as well as other senior executives at the depository.
"Any potential threats are treated with the utmost priority and investigated deeply, often with the support of authorities as appropriate," Euroclear representatives told the outlet.
An investigation published earlier this month by EUobserver mentioned threats against Urbain in 2024 and 2025 and claimed that she had requested protection from Belgian police. That information was later denied.
Belgium and the reparations loan
Belgium has so far refused to support a reparations loan for Ukraine until the European Union provides mechanisms to protect it from possible consequences.
Belgian officials are particularly concerned that Russia could potentially reclaim its frozen assets through the courts.
According to media reports, Belgium has proposed using an emergency measure to issue joint EU debt to provide assistance to Ukraine.
