Putin claims Russia will use frozen assets to restore territories 'damaged' in its war
Russia agrees to use its financial assets frozen in the U.S. to restore territories "damaged during military actions," Russian President Vladimir Putin claimed on Jan. 21, according to Russian media.
Putin will further discuss the plan with U.S. Special Envoy Steve Witkoff, who, alongside President Donald Trump's son-in-law Jared Kushner, is set to meet the Russian leader in Moscow on Jan. 22.
U.S.-brokered peace proposals have previously stipulated that frozen Russian assets be utilized toward recovery efforts once hostilities end.
Russia regularly strikes critical infrastructure as it continues to wage its war against Ukraine despite peace efforts.
Overnight on Jan. 8-9, Russia pounded Ukraine with missiles and drones, killing at four people and injuring 25 others in Kyiv, knocking out electricity for hundreds of thousands while disrupting heat supplies as temperatures fell.
Moscow's frozen assets are worth approximately 300 billion euros, which are held in banks worldwide, with most of the sum held in Belgium and other European countries. A small portion worth $4-5 billion is frozen in the U.S.
Witkoff met with Putin's envoy Kirill Dmitriev in Davos, Switzerland, on Jan. 20 to discuss Washington's peace plan for Ukraine.
The two met on the sidelines of the World Economic Forum, with both sides describing the talks as constructive.
Despite international pressure in recent months, Russia has repeatedly rejected a ceasefire along the current front lines.
Washington's latest push to broker an end to Russia's war against Ukraine centers around a 20-point peace framework ironed out in a series of talks among Ukrainian and Western officials.
President Volodymyr Zelensky has said that the plan is "90%" ready, even though Moscow continues to reject compromise.
Ukraine has been open to major concessions, including holding off on NATO membership if strong security guarantees are in place and pulling out troops from potential "free economic zones" amid the Kremlin's demand that Kyiv withdraw from eastern Ukraine's Donetsk Oblast.
Trump claimed on Jan. 20 that he has been unable to broker a peace deal in Ukraine since neither side is consistently willing to come to an agreement at the same time.
"I'm trying to resolve the issue of Russia and Ukraine. And when Russia is ready — Ukraine is not ready. When Ukraine is ready — Russia is not ready," he said.
