Russian President Vladimir Putin sees Donald Trump's Board of Peace as more than a diplomatic photo opportunity. He wants it to unlock billions in frozen Russian assets, according to the Institute for the Study of War.
Putin stated on January 21 that Russia is considering joining Trump's Board of Peace—and could pay the required $1 billion membership fee from frozen Russian assets held in the United States. The calculation is straightforward: use Western-held funds to buy a seat at Trump's table, then leverage that position to reclaim the rest.
"Putin stated that the remaining frozen Russian assets in the United States could go towards rebuilding 'territories damaged by the fighting' after a Russia-Ukraine peace treaty." -ISW, 22 January 2026 assessment
The catch? Putin is "likely referring to Russian-occupied territories, not Ukrainian-held territories ravaged by Russian strikes," ISW determined.
What Putin proposed
Putin's statement on January 21 outlined a two-part scheme. First, Russia would pay the $1 billion Board of Peace membership fee using frozen Russian assets held in the United States. Second, the "remaining frozen Russian assets" would be used to rebuild "territories damaged by the fighting" after a peace treaty.
The key word is "territories." ISW assessed that Putin is "likely referring to Russian-occupied territories, not Ukrainian-held territories ravaged by Russian strikes."
The logic follows: frozen Western assets fund Russia's Board of Peace seat, then flow to reconstruction in occupied areas. ISW noted this "would effectively release the funds back to Russia and offset the costs Russia caused by invading in 2022."
The integration goes deeper than money. Funding reconstruction in occupied Ukraine would "help Russia further integrate occupied Ukraine's economy, society, and infrastructure into the central Russian system," ISW assessed.
Witkoff and Kushner arrive in Moscow
Trump's envoys, Steve Witkoff and Jared Kushner, met with Putin in Moscow on January 22. The meeting had not concluded as of ISW's writing, but Witkoff stated that "peace talks still need to resolve one issue" without specifying what.
Meanwhile, conflicting reports emerged about potential trilateral talks in the UAE. Ukrainian President Volodymyr Zelenskyy stated that US, Ukrainian, and Russian officials would meet on January 23-24. His office later clarified that such talks remained "unconfirmed."
Russia has reportedly proposed "parallel talks" instead—with US mediators shuttling between Ukrainian and Russian delegations rather than direct negotiations.
The Western response
The Trump administration has disbanded Task Force KleptoCapture, which targeted Russian oligarch assets. The administration has also warned European leaders that they may have to return €210 billion in frozen Russian assets as part of any peace settlement.
For Moscow, the path is clear. Join Trump's Board of Peace with frozen Western money. Push for reconstruction funds to flow to occupied territories. Rebuild Russian-controlled Ukraine with Western cash—then call it "peace."
