Former NBC host Chuck Todd argued on Wednesday that Russian President Vladimir Putin made a "huge miscalculation" not giving President Donald Trump a "win" during the Alaska peace summit this week.

The Trump-Putin summit will take place in a former Russian colony that the United States bought for $7.2 million in 1867. Here’s how the deal came together and why its legacy matters.

President Trump and Russian President Vladimir Putin are scheduled to meet Friday at Joint Base Elmendorf-Richardson in Anchorage, Alaska, to discuss the conflict between Russia and Ukraine.

"Every single sanction that was in place on the day he took over remain. And every – the impact of all those sanctions remain,” Secretary of State Marco Rubio said at a press meet.

In the early hours of Saturday morning following a summit in Alaska between the leaders of Russia and the United States, senior politicians in Moscow were quick to trumpet the meeting as a win for Russia and its narrative of the war in Ukraine.

The meeting between President Trump and Kremlin leader Vladimir Putin is taking place in a region rich with significance for Moscow. Once Russian territory, Alaska was sold by Alexander II in 1867 for $7.