Financial firm Euroclear tightens security amid fears of Russian threat
Euroclear, the Brussels-based financial services firm holding 183 billion euros in frozen Russian assets, has increased security measures over fears of Russian retaliation.
CEO Valérie Urbain and the company’s board members are said to be under enhanced protection after an unidentified drone was spotted near its headquarters in December, according to an investigation by Belgian daily De Morgen, Belgian weekly Humo, French daily Le Monde, and EU Observer.
Euroclear has hired French security firm Amarante to provide bodyguards for its leadership.
The drone sighting occurred during Ukrainian president Volodymyr Zelensky’s visit to Belgium, raising security concerns. While no direct link has been confirmed, it follows rising fears of Russian attacks against European institutions involved in financial sanctions.
High alert
Past incidents, including a foiled assassination attempt on the CEO of German arms manufacturer Rheinmetall, which supplies weapons to Ukraine, have put companies on high alert.
Euroclear plays a key role in supporting Ukraine, as profits from the frozen Russian assets are redirected to aid Kyiv’s war efforts. Belgium also taxed these earnings, generating 1.7 billion euros last year for a Ukraine support fund.
The company’s role in managing Russian assets remains politically sensitive. While the EU has agreed to use the interest from these funds to support Ukraine, some European leaders, including Belgium’s Green parties, are pushing for full confiscation. However, legal and financial risks have made governments cautious.
Euroclear, a major global financial clearing house partly owned by the Belgian state, has yet to comment on the security measures.
The Euroclear building in Brussels © PHOTO NICOLAS TUCAT / AFP
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