185 billion euros – around 2,000 billion Swedish kronor – in Russian state assets are held at the securities institution Euroclear in Brussels. The money has been frozen in reference to Russia's war of aggression in Ukraine, and now the EU wants to use it as collateral for a multi-billion dollar loan to Ukraine.
A Russian threat campaign is now being directed at Euroclear CEO Valérie Urbain and other high-ranking officials at the financial institution, The Guardian writes, citing sources within European intelligence services.
Belgian politicians are also under pressure to get the country to put a stop to the EU's plans, according to the British newspaper .
Has personal protection
Russia's military intelligence service, GRU, is accused of being behind it.
"They have definitely engaged in scare tactics," says a source.
The extent of the threats is unclear, but in November the newspaper Le Monde reported that Urbain had been protected by bodyguards for over a year.
The news site EU Observer reported last week that the Euroclear CEO was threatened both last year and this year, and that the institution therefore hired French security giant Amarante to protect management.
“Feel it forever”
On Thursday and Friday, EU leaders will meet in Brussels to try to agree on future support for Ukraine.
Belgium has so far resisted the frozen Russian funds for fear of huge Russian claims for damages. Prime Minister Bart De Wever has hinted that he too has been the target of Russian scare tactics.
"Who thinks Putin will calmly accept the confiscation of Russian assets? Moscow has let us know that if the assets are seized, Belgium and I personally will feel it for all time," he told the newspaper La Libre in early December.
According to the European Commission's calculations, there are a total of 210 billion euros in frozen Russian state assets in the EU.
The majority – 185 billion – is held by the securities institution Euroclear in Belgium. The other 25 billion is held by other institutions in the country, but also in France, among others. There is also a smaller amount in Sweden, around 120,000 kronor.
Of the assets, the European Commission now wants to earmark 45 billion euros for repayment of previous loans that Ukraine received through a deal within the G7 last year.
90 billion is proposed to be lent to Ukraine in 2026 and 2027, leaving 75 billion available for possible future needs for the country.
Source: EU Commission, Minister for Foreign Affairs Maria Malmer Stenergard
