Russia has said it is studying whether its gold reserves, frozen by the West in the wake of its invasion of Ukraine, could be used to help developing countries overcome the impact of climate change.
In a statement made at the COP28 summit in Dubai, where officials from around the world are gathered, Russia's climate envoy suggested the frozen funds could be used to help emerging nations accelerate their fight against climate change.
"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 Edelgeriyev, Russia's climate representative, said on the main stage at COP28.
Russia has been seeking to strengthen ties with countries in Asia, Africa, Latin America, and the Middle East -- sometimes referred to as the Global South -- after the West cut most ties with Moscow over its brutal invasion of Ukraine.
Those countries, many of which are in the developing stage, are among the hardest hit by climate change. Global South countries have criticized developed countries, especially Western states, for slow rolling aid to help them combat climate change.
Global South countries say developed countries have largely caused climate change through their greater use of fossil fuels, while they suffer the consequences. Developed countries provided about $100 billion in financing to developing countries for climate change last year.
The United States and Europe have frozen about $300 billion in Russian gold reserves held in the West as punishment for its invasion of Ukraine.
Washington and Brussels have yet to decide what they will do with the Russian funds. Some Western officials have called for using the funds to help rebuild Ukraine after the war.
Russia's climate representative may have simply attempted to win over developing countries while stoking their frustration with the West.
Many countries in the Global South have criticized the West for quickly mobilizing tens of billions of dollars in military and financial aid for Ukraine when their calls for help receive marginal attention and resources.