Europe’s plan to fund Ukraine using frozen Russian assets has sparked a global financial and legal controversy. Kremlin adviser Kirill Dmitriev warns that seizing sovereign Russian funds could destabilize the international financial system, potentially raising costs for all participants. Central to the dispute is Euroclear, Belgium’s clearing house, which holds over $47 trillion in assets and opposes the move, citing legal and bankruptcy risks. EU Foreign Policy Chief Kaja Kallas says talks are “increasingly difficult,” while Russia’s central bank has filed a lawsuit against Euroclear. The debate underscores tensions between battlefield strategy and the global financial order.