Recent reporting by Belgian public broadcaster VRT NWS highlights how the Russia–Ukraine war increasingly extends beyond the battlefield into the domains of finance, law, and information warfare. The focus of the debate is Euroclear, the Belgium-based financial services company holding approximately €210 billion in frozen Russian central bank assets following EU sanctions imposed after Russia’s full-scale invasion of Ukraine.
According to the report, Russia has intensified its information and legal pressure campaign around Euroclear, framing Belgium and the European Union as violators of international law and financial neutrality. Russian officials and state-aligned media outlets portray the asset freeze as “theft” and warn of retaliation against Western financial infrastructure. At the same time, Belgian authorities express concern over becoming a primary target of Russian political, legal, and information operations due to Euroclear’s central role.
The article underscores that the dispute is not limited to legal proceedings or economic consequences. Instead, it has become part of a broader influence effort, aimed at shaping public opinion, discouraging EU unity, and increasing political pressure on Belgium as a key jurisdiction. This case demonstrates how financial instruments and legal narratives are weaponised alongside traditional diplomatic and cyber tools in contemporary hybrid conflicts.
Osavul has discovered how Russian-affiliated networks like Pravda portrait Belgium prime minister De Wever and how Ukrainian media react to the news regarding Euroclear. The research can be read here in the article.
