Russia proposes setting up of a special fund for tackling consequences of oil spills as well as to insure against such risks and Moscow will pass a law on this issue, the Russian president said.

"Russia is ready to submit a draft law on the protection of sea environment from oil pollution," Dmitry Medvedev said at a news conference after the G8 and G20 summits in Canada referring to BP oil slick in the Gulf of Mexico.

The Gulf of Mexico oil leak, which has posed a major threat to the gulf's flora and fauna, started in late April, when an explosion hit the Deepwater Horizon drilling platform, killing 11 rig workers.

BP, the owner of the rig about 80 kilometers (50 miles) off the Louisiana coast, has tried with little success to stem the flow of oil. It says it is now managing to gather about 10,000 barrels of oil a day using a special plugging device attached to the head of the drill to siphon oil up to surface ships.

TORONTO, June 28 (RIA Novosti)