"I do see clear losses if Russia did ratify," Dr. Andrei Illarionov, Pres. Vladimir Putin's chief economic adviser, said at an ICCF forum on January 30, 2004 at the National Press Club in Washington D.C.

During his remarks, Dr. Illarionov addressed the misconception that ratification suits Russia because the country would be a net seller of emissions credits.

"Simply not true," Dr. Illarionov said, explaining that given Russia's recent history (6.5% annual economic growth over the last five years), the country would be a seller of credits for just a short time. Russia would become a buyer of credits shortly after entering the Protocol's 2nd commitment period. The second commitment period requires Russia to reduce its emissions by 58% by 2050, roughly 3% a year.

Russia would have an economy the size of Estonia," Dr. Illarionov