Europe’s plan to use Russia’s $150+ billion in frozen assets to help Ukraine is facing major resistance amid warnings of fiscal, legal, and geopolitical fallout. Without access to these funds, EU leaders are struggling to finance Kyiv’s mounting deficit and reconstruction needs, pushing Brussels toward controversial joint borrowing schemes that could trigger a debt crisis. Belgium, host to Euroclear (where the bulk of Russian assets sit), has blocked efforts to use the funds as collateral for Ukraine, citing reputational and legal risks, while Russia has threatened to seize over $200 billion in Western assets in retaliation.