"We are once again rejecting the 'prosperity instead of peace' plan for the solution of the Palestinian issue and Washington's attempts to undermine international law," Abbas said on Friday.
Earlier in May, the United States said it would release the economic components of its much-anticipated Israeli-Palestinian peace plan, dubbed the "deal of the century," at the "Peace to Prosperity" economic workshop in Bahrain on June 25-26.
For decades, Israel has been in conflict with the Palestinians, who have been seeking diplomatic recognition for their independent state on the territories of the West Bank. The Israeli government, along with a number of other countries, refuses to recognise Palestine as an independent political and diplomatic entity.
Russia and the United States have participated as mediators in the settlement of the Israeli-Palestinian crisis as part of the Middle East Quartet, which also includes the European Union, and the United Nations. Direct talks on the settlement of the conflict between the parties collapsed in 2014.