Belgium Changes Security Firm Guarding Russia's Frozen EU Assets

Belgium will replace the French security firm guarding Russia's frozen EU assets with a Belgian company.

The financial services firm Euroclear, which holds €193 billion in Russian central bank assets frozen under EU sanctions, had previously employed the French firm Amarante for security.

Amarante provided protection for Euroclear's CEO Valérie Urbain and most of its executive board amid Russian threats.

Amarante, ranked as the world's 10th largest private security firm, is set to leave Euroclear by the end of May.

The decision to switch to the Belgian boutique security firm Mentor Worldwide Security (MWSS) was reportedly made on financial grounds.

Euroclear had negotiated hard for discounts, and Amarante was paid approximately €1 million per month for its services.

The frozen assets are strategically significant as they generate "windfall profits" that the EU channels to Ukraine for arms purchases.

On 1 April, the EU transferred €1.4 billion of these funds to Kyiv to help avert a financial crisis.

Euroclear's role in managing these assets has been a point of geopolitical tension, notably when Belgian Prime Minister Bart De Wever vetoed EU calls to unfreeze the funds last December.

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