COP28 in the United Arab Emirates: Russia tries to unfreeze gold reserves for climate funds – News
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Ruslan Edelgeriev, Russia’s special presidential representative for climate issues, speaks during a plenary session at the COP28 Summit in Dubai on Saturday. -AP
Russia said on Saturday it was investigating whether its frozen gold reserves, taken after Russia invaded Ukraine, could be used to finance the climate damage fund to help developing countries.
In what appeared to be an attempt to meet Moscow’s goal of doing “everything possible” to prevent the West from seizing its frozen reserves, Russia’s climate envoy told the COP28 summit that the move would help close the gap between developed and developing countries in addressing climate change.
An agreement is unlikely to be reached. The West froze about half (or more than $300 billion) of Russia’s international reserves after Moscow sent its armed forces to Ukraine in February last year.
Kiev wants profits from frozen Russian assets to be used to help rebuild the country, something many in the West want to see happen but which has been complicated by legal issues and the possible future ramifications of the move.
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“We are ready to announce that Russia is studying the voluntary contribution of financing to the loss and damage fund from frozen national gold reserves held by international organizations,” Ruslan Edelgeriev, Russia’s climate representative, said on the main stage of the COP28 in Dubai. .
“It is a step dictated by the need to close the gap between developing and developed countries.”
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