On Monday, the European Council agreed to a set of new measures aimed at profiting from frozen assets belonging to the Central Bank of Russia, paving the way for the redirection of revenues to Ukraine, the Kyiv Independent reports.

At the beginning of the full-scale invasion, Western countries froze about $300 billion in assets of the Russian Central Bank. Since then, Washington, Brussels and Kyiv have been discussing legal ways to channel these funds to aid Ukraine’s recovery efforts, but have yet to come to a final conclusion.

The G7 countries have pledged to freeze Russian assets under their jurisdiction until Moscow pays Ukraine military reparations.

So the EU proposed on Monday a plan to confiscate about 15 billion euros ($16.2 billion) in expected profits from frozen Russian Central Bank assets and transfer them to Ukraine.

The European Commission estimates that the plan will bring in about 3 billion euros ($3.2 billion) annually, or 15 billion over the period 2023-2027.

The plan will have the most immediate impact on Euroclear, the Belgian financial company that holds about 191 billion euros ($205 billion) in Russian assets.

The European Council said on Monday that central securities depositories (CSDs) holding more than 1 million euros ($1.07 million) of Russian Central Bank assets must segregate any profits made in primary accounts.

Income must be segregated and controlled and cannot be assigned.

The decision is the next step that could allow some of the frozen Russian assets to eventually be redirected to help rebuild Ukraine, the European Council said.

In the future, funds may be channeled through the EU budget.