The EU will tax profits on frozen Russian Central Bank assets.

EU leaders are backing plans that would impose a windfall tax on profits generated by more than €200B in Russian Central Bank assets to aid Ukraine’s reconstruction and will seek political support from the G7 countries.

During a summit in Brussels Thursday, EU leaders supported exploring the windfall option despite the range of complex issues regarding how to use the sanctioned assets, according to people familiar with the talks. The Russian central bank assets immobilized in the EU are expected to generate some €3B in windfall profits. Over half the assets are in cash and deposits, while a substantial amount of the remainder is in securities that will transform to cash as they mature in the next two to three years, reported Bloomberg.

Many of these funds are in Belgium, where they generated nearly €750M in the year’s first quarter. European Commission President Ursula von der Leyen previously said she would present a plan before the summer break. However, the proposal’s timing is now unclear, given the number of obstacles that still need to be addressed.