In May 2025, Euroclear CEO Valérie Urbain was allegedly threatened by Olivier Huby, a French banker and board member of Mfex, a Euroclear subsidiary holding large frozen Russian Central Bank assets. Huby's 155 flights to Russia over ten years, including visits to remote regions, and connections to Russian intelligence officers raised concerns of dual loyalties and espionage. Despite a high security threat assessment, Belgian police declined protection, citing jurisdictional limits. Huby reportedly sought to compel Euroclear executives to meet with Russian intelligence contacts, warning of harm if they refused. These events unfolded amid intense EU debates on whether to use the €193 billion frozen Russian assets to support Ukraine. Russian officials threatened legal retaliation and possibly military responses, while suspected Russian drone incursions in Belgium heightened tensions. Euroclear responded by hiring private security firms and implementing staff security protocols, revealing vulnerabilities in protecting key financial infrastructure and personnel from hybrid warfare tactics involving espionage and intimidation.

In May 2025, Euroclear CEO Valérie Urbain was allegedly threatened by Olivier Huby, a French banker and board member of Mfex, a Euroclear subsidiary holding large frozen Russian Central Bank assets. Huby's 155 flights to Russia over ten years, including visits to remote regions, and connections to Russian intelligence officers raised concerns of dual loyalties and espionage. Despite a high security threat assessment, Belgian police declined protection, citing jurisdictional limits. Huby reportedly sought to compel Euroclear executives to meet with Russian intelligence contacts, warning of harm if they refused. These events unfolded amid intense EU debates on whether to use the €193 billion frozen Russian assets to support Ukraine. Russian officials threatened legal retaliation and possibly military responses, while suspected Russian drone incursions in Belgium heightened tensions. Euroclear responded by hiring private security firms and implementing staff security protocols, revealing vulnerabilities in protecting key financial infrastructure and personnel from hybrid warfare tactics involving espionage and intimidation.