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Russia offers frozen assets for Ukraine rebuild and Gaza peace board as Vladimir Putin meets Trump envoys Jared Kushner and Steve Witkoff in Moscow.
Russian President Vladimir Putin has signalled a readiness to deploy Russian state assets frozen in the United States both to support post-war reconstruction in Ukraine and to contribute to US President Donald Trump’s proposed “Board of Peace” on Gaza, in what analysts see as a calculated bid to ease pressure from Washington while reshaping negotiations over Europe’s deadliest conflict since the Second World War.
Putin floats use of frozen US-based assets
Speaking at a meeting of Russia’s Security Council, Putin said Moscow was prepared to commit funds from Russian assets immobilised in the United States following its 2022 invasion of Ukraine. He suggested that, after a peace treaty is concluded, the remaining funds could be channelled into rebuilding Ukrainian territories damaged during the war.
“The remaining funds from our frozen assets in the US could also be used to rebuild territories damaged by the fighting after the conclusion of a peace treaty between Russia and Ukraine,” Putin said.
He added that Russia could immediately earmark $1 billion from those frozen assets for Trump’s proposed Board of Peace, even before Moscow’s formal participation in the body is finalised.
“Even before we resolve the issue of participation in the Peace Council and its work, given Russia’s special relationship with the Palestinian people, I believe we could direct one billion dollars to the Peace Council from Russian assets frozen under the previous US administration,” Putin said.
Talks planned with Trump envoys in Moscow
Putin said the proposal had already been discussed with US officials and would be taken up again on Thursday during meetings in Moscow with Trump’s envoys Steve Witkoff and Jared Kushner. The discussions are expected to cover both the Ukrainian peace process and Trump’s Board of Peace initiative.
The Kremlin said the talks would “continue dialogue on the Ukrainian settlement” at a moment when Trump has publicly suggested that an agreement to end the war may be close.
“I think I can say that we’re reasonably close,” Trump said. “We have to get it stopped … I believe they’re at a point now where they can come together and get a deal done.”
Limited funds, vast rebuilding needs
Despite the headline figures, the scale of Russia’s offer remains modest. Only about $4–5 billion of Russian assets are estimated to be held in the United States, a fraction of the roughly $300 billion in frozen Russian reserves worldwide—most of which are located in Europe.
The contrast is stark when set against Ukraine’s needs. In February 2025, the cost of reconstruction and broader economic and social recovery was estimated at around $524 billion over the next decade, a figure that continues to rise as the war drags on.
A bid to avert further US pressure
Taken together, the proposals amount to a diplomatic overture aimed at appealing directly to Trump and forestalling further economic penalties, using funds that the Kremlin does not currently control. Russia has sought to prevent additional US sanctions on itself and its trading partners, even as it shows little sign of fundamentally altering the war it launched nearly four years ago.
Trump, for his part, has alternated between blaming Putin and Ukrainian President Volodymyr Zelenskiy for blocking peace, while threatening tariffs and sanctions on Russian trading partners at moments of frustration. Major gaps remain in Trump’s proposed peace framework, particularly Russia’s insistence that Ukraine cede territory it does not fully control.
War grinds on despite peace talk
Meanwhile, the conflict continues to exact a heavy toll. Ukraine and Russia have stepped up attacks on energy infrastructure as the invasion approaches its fifth year. This winter, Russia intensified strikes on Ukraine’s power grid, leaving millions without heating and water during freezing conditions.
Putin said he also plans to discuss the potential $1 billion contribution to the Board of Peace with Palestinian President Mahmoud Abbas, whom he is scheduled to meet in person.
Gaza board links conflicts thousands of miles apart
Trump has invited dozens of world leaders to join the Board of Peace, a central pillar of his 20-point plan to end the Gaza war. Participation comes with a high price tag: Trump has demanded that countries contribute at least $1 billion for permanent membership.
English (US) ·