JPMorgan, the largest U.S. investment bank, is in talks to provide banking services to the Peace Council, a U.S.-led institution tasked with rebuilding Gaza and which President Donald Trump is seeking to position as a rival to the United Nations. This was reported by the Financial Times, citing sources familiar with the discussions.

According to these sources, the bank is discussing the provision of services, including the processing of payments to and from the council. JPMorgan declined to officially comment on its contacts with the new entity, which was supported by a UN Security Council resolution in late 2025 following a US-brokered ceasefire in Gaza.

A spokesperson for the president's administration also refrained from commenting, stating that "there is currently nothing to announce," but added that the administration was "exploring all options that can help us deliver aid to Gaza in the most efficient and effective manner possible."

Relations between the Trump administration and JPMorgan, the largest U.S. bank with more than \$4 trillion in assets, have been complicated by a lawsuit filed by the U.S. president last month against the bank and its CEO, Jamie Dimon, according to the FT. Trump claims that the bank closed his accounts for political reasons.

An Alternative to the UN

The Peace Council was originally conceived as part of the U.S. president's efforts to establish a new governance system for Gaza following the devastating two-year war between Israel and Hamas in the Palestinian enclave. However, in recent times, Trump has increasingly sought to present it as an alternative to the UN, according to the FT.

Currently, about two dozen countries have agreed to join the "Peace Council," which will be led by Trump and funded through contributions from member states. Countries that pledge to contribute at least \$1 billion during the first year will receive permanent membership instead of the standard three-year term.

In addition to the top-level council, which consists of member states, Trump has established an executive board. It includes his key aides, including Jared Kushner and Steve Whitcomb, as well as former British Prime Minister Tony Blair and Nikolay Mladenov, the former Bulgarian Minister of Defense and the UN envoy appointed as the High Representative for Gaza.

According to the charter, the executive board is responsible for "establishing mechanisms for control and oversight of budgets, financial accounts, and the allocation of funds, as necessary or appropriate, to ensure their integrity."

The "Peace Council" was unveiled in Davos last month and is scheduled to meet again in Washington on Thursday, February 19. White House Press Secretary Karine Levitte said that at the meeting, Trump will announce that "member states have pledged more than \$5 billion for humanitarian needs and the reconstruction of Gaza."

\$1 Billion from Putin

 In late January 2026, Russian President Vladimir Putin announced his readiness to allocate \$1 billion from Russian assets frozen in the United States to the "Peace Council."

At the meeting of the Russian Security Council, Putin noted that a final decision on Russia's participation in the Peace Council had not yet been made. However, he suggested that, given Russia's special relationship with the Palestinian people, the government could allocate a portion of the funds frozen during the administration of former US President Joe Biden to the council until a decision is made.

Putin also mentioned that the remaining Russian assets frozen in the United States could be used to rebuild the territories affected by the conflict once a peace treaty is signed between Russia and Ukraine. The Russian leader clarified that this possibility is being discussed with representatives of the American administration.

Later, President's Press Secretary Dmitry Peskov said that the total amount of blocked Russian assets in the United States is about \$5 billion.