Russia said today it is studying the possibility of using frozen gold reserves to finance a climate-damaging fund to help developing countries.
Russia’s climate envoy told the COP 28 summit that the move would help narrow the gap between developed and developing countries in the fight against climate change.
It is a step dictated by the need to close the gap between developing and developed countries.
In the meantime, the West has frozen about half – or more than $300 billion – of Russia’s international reserves since the conflict between Ukraine and Russia began last February. The West believes Moscow made this proposal to avoid forfeiting its frozen reserves.
However, Ukraine insists on receiving frozen Russian assets to rebuild the country.
“We are ready to announce that Russia is looking into the voluntary contribution of finance to the loss and damage fund from the frozen national gold reserves held by international organisations,” Ruslan Edelgeriev, Russia’s climate representative, said on the main stage at COP28 in Dubai.
