Hybrid CoE, together with the U.S. Department of State, the U.S. Irregular Warfare Center, the Iceland Central Bank, the Icelandic Ministry of Foreign Affairs, and the Center for Strategic and International Studies (IWC), organized a conference and table-top exercise on 12–14 May 2025 in Reykjavik, Iceland. Titled “Strategic Leverage: Navigating economic coercion in hybrid threats,” the event focused on the role of economic tools in hybrid threat activity and brought together officials from eight Hybrid CoE Participating States and the EU.
The event addressed emerging vulnerabilities in the financial and economic domains, especially threats posed by state actors such as Russia and China. It also promoted a more strategic understanding of how adversaries exploit economic dependencies to exert coercion.
“This collaborative effort is crucial for enhancing our collective readiness and resilience among all government sectors, including Finance Ministries and Central Banks,” said Shiho Rybski, Director of Training and Exercises at Hybrid CoE and IWC representative to the Centre.
The event was structured in two segments. The first featured expert presentations on the dynamics of economic coercion within hybrid threat campaigns. The second transitioned into a table-top exercise scenario designed to test national and multilateral responses to economic hybrid threats. Key topics included foreign direct investment, cyber intrusions, critical infrastructure disruption, and unconventional tactics such as weaponized tourism and cryptocurrency manipulation.
By addressing cross-sector vulnerabilities and fostering whole-of-government coordination, the event strengthened transatlantic preparedness and offered practical insights for future resilience-building.
