European security officials are investigating reports of a Russian intelligence campaign targeting key personnel at Euroclear, the Belgium-based financial depository holding the majority of frozen Russian assets, and also Belgian political figures. The alleged intimidation efforts come amid ongoing international discussions regarding the potential seizure of those funds to support Ukraine’s defense [[1]]. According to a new report, the threats include a direct approach to Euroclear CEO Valérie Urbain, raising concerns about the security of critical financial infrastructure and the escalating geopolitical tensions surrounding the conflict.
Russian intelligence operatives have reportedly targeted key figures at Euroclear, the financial depository holding the majority of frozen Russian assets, as well as Belgian politicians, according to European security officials. The alleged campaign of intimidation comes as international debate intensifies over the potential use of those assets to aid Ukraine.
The threats have been directed at Valérie Urbain, the CEO of Euroclear, and other leading members of the financial services group, officials said.
According to a report by EUobserver, Urbain was approached by a banker named Olivier Huby, who traveled to Russia at least 155 times between 2015 and 2024. Huby reportedly showed her photographs of two men in military uniforms, stating, “My two friends want to meet you.” The photographs depicted high-ranking officers from Russian intelligence services who allegedly sought a meeting with Urbain in Geneva. A source described Urbain as being “in shock” following the encounter.
Urbain requested protection from Belgian police last year and again this year due to the threats, but her request was denied. As a result, Euroclear’s leadership initially hired a Belgian security firm, and later a French firm, to provide personal protection, the report stated.
“Consequences Forever”
The European Union currently has approximately 210 billion euros (roughly $228 billion USD) in Russian assets blocked. The majority – around 185 billion euros – is held at Euroclear in Belgium, with the remaining 25 billion euros distributed among five banks, primarily in Belgium and France.
Russia has publicly warned that any use of the frozen assets would be considered theft, and its central bank has filed a lawsuit seeking 230 billion dollars in damages from Euroclear. However, officials believe the intimidation campaign is directly aimed at key individuals involved in the asset management.
Belgian Prime Minister Bart De Wever recently raised concerns about potential repercussions, telling La Libre, “Who believes that [Russian President Vladimir] Putin will calmly accept the confiscation of Russian property? Moscow has let us know that if assets are seized, Belgium and I personally will face consequences forever.”
Euroclear declined to comment on the reported threats when contacted directly, and the Belgian Prime Minister’s office stated they had no knowledge of the matter.
