Russia has proposed contributing to a fund to help developing countries respond to climate change using Moscow's gold reserves, which are being frozen by the West.
"Russia is considering voluntarily converting its financial contribution to the Loss and Damage Fund from its national gold reserves and foreign currency reserves frozen in international organizations," Ruslan Edelgeriyev, President Vladimir Putin's special envoy for climate, announced on December 9 at the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates.
The Loss and Damage Fund is one of the programs that supports developing countries to overcome the consequences of global climate change and implement measures to adapt to the crisis.
The headquarters of the Russian central bank in Moscow on August 15. Photo: Reuters
Mr. Edelgeriyev emphasized that the countries attending COP28 need to make efforts to find common solutions to the problem of climate change, but must prioritize human interests around the world. Moscow believes that solving climate issues must go hand in hand with ensuring the quality of life for people in all countries, meeting the needs for energy, food and clean water.
The Russian envoy argued that the option of using Moscow's frozen gold and foreign currency reserves to contribute to the climate change fund "is a necessary step to narrow the gap between developed and developing countries".
After the Russia-Ukraine war broke out in February 2022, Western countries retaliated by freezing about 50% of Moscow's gold and foreign currency reserves abroad, worth about $300 billion.
Russian Special Envoy Ruslan Edelgeriyev meets with Dr. Sultan Al Jaber, President of COP28 in the United Arab Emirates on December 3. Photo: COP28 UAE
For nearly two years, Kiev has been lobbying the West to transfer the assets to a fund for Ukraine's reconstruction.
Ukraine will need $411 billion over the next 10 years to rebuild its devastated economy, with at least $14 billion needed in 2023 alone for critical reconstruction needs, according to a joint assessment from the World Bank, the United Nations, the European Commission and the administration of President Volodymyr Zelensky.
Some Western governments support this option, but it faces legal hurdles. The US, EU and other countries that have frozen Russian reserves also want to act cautiously and consistently to avoid damaging their reputations as safe havens for other countries.
Thanh Danh (According to TASS, Reuters )
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