COP28 in UAE: Russia tries to unfreeze gold reserves for climate funds

COP28 in UAE: Russia tries to unfreeze gold reserves for climate funds

Ruslan Edelgeriev, Russia special presidential representative on climate issues, speaks during a plenary session at the COP28 Summit in Dubai on Saturday. — AP

Published: Sat 9 Dec 2023, 7:35 PM

Russia said on Saturday it was looking into whether its frozen gold reserves, taken after Russia invaded Ukraine, could be used to fund the climate damage fund to help developing countries.

In what looked like an attempt to try to fulfil Moscow's aim of doing "everything possible" to stop the West from seizing its frozen reserves, Russia's climate envoy said at the COP28 summit the move would help to close the gap between developed and developing countries in dealing with climate change.

It is unlikely to be agreed upon. The West froze around half - or more than $300 billion - of Russia's international reserves after Moscow sent its armed forces into Ukraine in February last year.

Kyiv wants the proceeds from Russian frozen assets to be used to help rebuild the country — something many in the West want to happen but which has been complicated by legal questions and the move's possible future ramifications.

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