Russia ready to allocate USD 1 billion from frozen assets for rebuilding Gaza: Putin

Moscow: Russian President Vladimir Putin on Thursday said that Moscow is ready to allocate USD 1 billion from its frozen assets for rebuilding Gaza within the framework of the Board of Peace Council initiated by US President Donald Trump.

Putin, who met Palestinian leader Mahmoud Abbas in the Kremlin, also said that a fully sovereign and functional Palestinian state is the only key to genuine settlement in West Asia.

His remarks came as a group of leaders and senior officials from 19 countries joined Trump at a signing ceremony of the Board of Peace Charter in Davos, Switzerland.

"We believe that the creation and efficient functioning of a sovereign Palestinian state is the only path to a final resolution of the Middle East conflict,' Putin said while welcoming Abbas, who arrived here on Wednesday night on a two-day visit for high-level talks.

Putin, who has received an invitation to join the Board of Peace, welcomed Trump's peace efforts and said Moscow is ready to allocate USD 1 billion from Russia's frozen assets in the US to it for rebuilding Gaza.

During the meeting, Abbas said that he considers Russia a great friend of the Palestinian people.

"Russia has been a great friend of Palestine for over 50 years. Every time we come to Moscow, we feel a special spiritual connection between our countries. Russia has always taken a strong position in support of the Palestinian people," Abbas said.

He expressed hope that with Moscow's help, it will be possible to achieve a peace built on compliance with UN resolutions.

Funds being transferred to the US-initiated Board of Peace should be allocated for the restoration of Palestine, Kremlin Spokesman Dmitry Peskov said while talking to the media on Thursday afternoon.

"As President Putin stated yesterday, these billion dollars, through the Board of Peace, should be directed for humanitarian purposes to restore Palestine," he underscored.

Speaking late on Wednesday night at the National Security Council meeting, Putin thanked Trump for inviting him to join the Board of Peace and announced USD 1 billion as a donation from frozen assets, although the decision to join the Board will be taken after consultations with strategic partners.