Valar refuse to receive the Ring?

[CAB]

This is a question I would like to ask. Was Elrond’s statement that the Valar wouldn’t receive the Ring (to destroy it) accurate or was it simply an excuse to protect the Elves’ avenue of escape from Middle Earth, the Grey Havens?

Elrond says that the ring belongs to Middle Earth and therefore those in Middle Earth must deal with it, yet it was made by a Maia originally associated with Aule. Would Aule really be unwilling to swing his hammer a couple of times to free Middle Earth from the tyranny of one of his own people? Can it be argued that the Valar would refuse to help in these matters when they had sent the Istari, members of their own order, to help defeat Sauron?

It seems possible that Elrond and Gandalf were willing to put the inhabitants of Middle Earth at much greater risk of falling under Sauron’s rule in order to lessen the risk to the Havens. If Sauron regains the One Ring it may only mean a little less time for the Elves to linger in Middle Earth, but if the Havens are destroyed in Sauron’s pursuit of the Ring the Elves may be trapped.

Any opinions?