European intelligence officials say Russian military intelligence is threatening Belgian political leaders and Euroclear executives in an effort to block the transfer of frozen Russian reserves to Ukraine.
The Guardian reports that the intimidation campaign is led by the GRU and focuses on Belgium because Euroclear, headquartered in the country, holds the bulk of Moscow’s frozen assets.
Targets reportedly include Euroclear CEO Valérie Urbain and senior Belgian officials.
Belgian Prime Minister Bart De Wever has argued that Russia cannot be defeated and that the assets will eventually have to be returned, though European allies dispute this stance.
Officials say assessments differ on the severity of the threats, but intimidation tactics are clearly being deployed.
