Russia targeting European finance bosses and politicians over assets

Belgian politicians and senior finance executives have been subject to a campaign of intimidation orchestrated by Kremlin intelligence aimed at persuading the country to block the use of €185bn of frozen Russian assets for Ukraine, according to European intelligence agencies. Security officials indicated to the Guardian that there had been deliberate targeting of key figures at Brussels-based Euroclear, the securities depository holding the majority of Russia's frozen assets, and leaders of the country.

- Dan Sabbagh Jennifer Rankin Brussels

EU leaders meeting in Brussels today are debating whether to approve the lending of urgently needed funds for Ukraine secured on Russian central bank assets, which are critical to maintain Kyiv's war effort in 2026 and 2027.

Officials believe the campaign is the responsibility of Russia's GRU military intelligence, although there is a debate about the degree of threat. "They have been engaged in the tactics of intimidation for sure," one European official said.

Belgium is in focus because €185bn (£162bn) of the €210bn of Russia central bank assets frozen by the EU since the start of Moscow's full-scale invasion of Ukraine is held at Euroclear.

Today and tomorrow, EU leaders are meeting to decide whether to agree an initial €90bn loan secured on the immobilised Russian bank assets.

Belgium has voiced concerns about the legality of the scheme and says it will agree only if it has guarantees Euroclear will be reimbursed in full if Russia successfully sues for its money.

Russia has publicly claimed that utilising the assets would amount to theft and its central bank has said it is seeking $230bn (£170bn) in damages from Euroclear in a case brought in the country's courts.

But it is understood the intimidation campaign has been focused on key individuals.

The threats have been directed at Valérie Urbain, the chief executive of Euroclear, and other senior executives at the group.