Putin said Russia is unconcerned about who controls Greenland, adding that its value could be around $1 billion

President Vladimir Putin said on Wednesday that Russia has no stake in Greenland’s ownership, adding that the issue should be resolved between the United States and Denmark, while also criticizing Denmark’s past treatment of the island.

Moscow has watched with glee as U.S. President Donald Trump’s attempt to acquire Greenland further strained Washington’s relations with Europe, even though his move could have implications for Russia, which already has a strong presence in the Arctic.

Speaking in Davos, Trump on Wednesday backed away from threats of tariffs to acquire Greenland and ruled out the use of force.

He suggested moving toward a deal to resolve the dispute over the semi-autonomous Danish territory, which had threatened to create the deepest rift in transatlantic relations in decades.

Putin, speaking publicly on the matter for the first time, indicated that Russia would not object to Trump’s attempt to gain control of Greenland, which he estimated could be worth around $1 billion.

“We don’t care what happens in Greenland,” Putin said at a meeting of Russia’s Security Council.

“By the way, Denmark has always treated Greenland like a colony and has been quite harsh, if not cruel, towards it. But that’s a completely different matter, and hardly anyone is interested in that now,” Putin added.

A billion-dollar price tag?

Russia is angered by Denmark’s financial and military support for Ukraine, which is fighting to regain full control of four regions it claims were illegally annexed by Russia in 2022.

Russia’s Foreign Ministry expressed indignation at Trump’s suggestion that Moscow also has ambitions regarding Greenland but was careful not to criticize Trump—who is attempting to broker a deal to end the war in Ukraine—and indicated that it had some sympathy for his claim.

Foreign Minister Sergei Lavrov said on Tuesday that the large, resource-rich island, which already hosts a U.S. military presence, is not a “natural part” of Denmark.

Putin recalled that in 1867, Russia sold Alaska to the United States for $7.2 million, and in 1917, Denmark sold the Virgin Islands to Washington, setting a precedent for such land transactions.

Using the price of Alaska as a benchmark—taking into account inflation, Greenland’s larger size, and fluctuations in gold prices—Putin suggested that buying Greenland from Denmark could cost around $1 billion, which he thought Washington could afford. “I think they’ll work it out among themselves,” Putin said.