I don’t like Russia one bit, but there would be serious consequences (undermining the trust in the euro as a financial asset) that would have long term negative consequences, not to mention the dubious legality of the plan concocted by the European Commission and the fact that any EU country can veto the extension of the sanctions (Hungary or Slovakia being the most likely culprits) which would mean the funds are free again.

I think the Europe should finance Ukraine, but this is the wrong mechanism to do so. The only politically viable way is through bilateral country-to-country financial support, where the EC can play a coordinating role.

But the seizing of the frozen assets is just not going to work, as every lawyer involved has already stated multiple times and not a single competent finance minister in the EU (or anywhere really) would ever agree to it.