MOSCOW, January 22. /TASS/. Funds being transferred to the US-initiated Board of Peace should be allocated for the restoration of Palestine, Kremlin Spokesman Dmitry Peskov said during a briefing.

"As [Russian] President [Vladimir] Putin stated yesterday, this billion dollars, through the Board of Peace, should be directed for humanitarian purposes to restore Palestine," he emphasized.

Earlier, Russin President Vladimir Putin said at an emergency meeting with permanent members of the Security Council that Russia is ready to allocate one billion dollars to the Board of Peace from the assets frozen by the previous US administration.

The "Board of Peace," initially created for settlement in the Palestinian Gaza Strip, is being formed at the initiative of US President Donald Trump. The US leader intends to chair this international body, gaining exclusive veto power over decision-making. The draft charter suggests that it will be able to deal not only with the Gaza Strip, but also with other areas affected by conflict. Without the $1 billion fee the term of office will be limited to three years. The organization's charter does not specify exactly how the funds will be used.