Belgian politicians and top finance officials face intimidation linked to Russian intelligence. The aim is to stop Belgium from allowing €185 billion of frozen Russian assets to be used to fund Ukraine. European security sources say Russia’s GRU military intelligence is behind this campaign. Most of these frozen assets are held at Euroclear, a Brussels-based securities depository. EU leaders are meeting to decide on lending an urgent €90 billion for Ukraine, secured by these Russian assets. This funding is critical to support Ukraine’s war efforts until 2027. Belgium has legal worries and wants full guarantees that Euroclear will be reimbursed if Russia wins court cases over its frozen money. Russia claims using these assets is theft and is suing Euroclear for $230 billion. Threats have targeted Valérie Urbain, Euroclear’s chief executive, and other senior staff. Euroclear confirmed that any threats are taken very seriously and investigated with authorities. Reports say Urbain asked for police protection after receiving threats in 2024 and 2025 but ended up hiring private security. Belgium’s Prime Minister Bart De Wever warned, “Moscow has let us know that in the event of a seizure, Belgium and I personally will feel the effects for eternity.” He cited possible Russian countermeasures including seizing western assets in Russia. Belgium wants other countries holding frozen Russian assets—estimated at €290 billion globally—to take similar steps to reduce risks and show unity. The UK, holding €27 billion of frozen assets, supports the move to use the funds for Ukraine. Ukrainian experts say the EU loan is vital. Nataliia Shapoval of Kyiv’s KSE Institute said Ukraine needs $50 billion in external funds in 2026 but only half is secured. Without this money, Ukraine may have to cut defense budgets and social spending. The EU funding could also weaken Russia financially. Next year, nearly 40% of Russia’s budget will fund its military, with an expected $70 billion budget gap this year.