[Belegorn]

Balrogs and Sauron = peers under Morgoth. If the Balrog took the Ring I'd think he'd keep it for himself. I also think the Ring could effect other Maiar, it certainly even had an effect on its maker. This is why the Wise would not try to use it to fight Sauron. It was quite dangerous. I'm not sure the extent of it's influence. Like could it even bring out this nature of dominating in even more powerful spirits such as the Valar? I do not know. Certainly it would not be a danger for them to face Sauron with the Ring because they could overpower him, whereas his peers would be in greater danger trying to take Sauron out with the Ring.