In the context of Putin’s war in Ukraine, cutting financial ties with Russian energy companies and non-Russian fossil fuel companies active in the country is not an option, it’s a moral requirement. The export of coal, oil and gas is financing the war on Ukraine: oil and gas sales made up 36% of Russia’s budget last year and have allowed Putin to build up $470bn in foreign reserves.

The entire American finance sector has now been requested by the US government to cease new investments and new financing services for Russia’s energy sector and foreign companies producing energy in Russia. At least 14 other financial institutions committed to curtail financial services for Russian activities to different extents. Some financial institutions, such as Carmignac and the Church of England, are also committing to take a step further and divest from existing Russian securities. Others, however, have only made statements to shed light on their ties with Russian companies. Below is a non-exhaustive list of the various announcements from private financial institutions on the situation.

Unfortunately, many other banks, insurers and investors have so far remained completely silent on the issue. Alongside with 75 NGOs, Reclaim Finance is calling on these banks, insurers and investors to step up and exclude Russian coal, oil and gas companies from all financial services. In particular, we call on them to commit to no longer providing new financing, investment, insurance coverage and other financial services to these companies, and divest from existing assets. We also call on them to immediately suspend all financial services for TotalEnergies, Fortum/Uniper, Wintershall DEA and other non-Russian fossil fuel companies active in Russia until these groups have withdrawn from their operations in the country, like BP, Shell, Equinor and ExxonMobil have already committed to.

This list is a living document. It was last updated on 11/04/2022 at 17:00 CEST.

Financial Institution  Type of FI  Country Announcement  Focus on energy sector Type of announcement Article’s date Source
Société Générale Group France Ceases its banking and insurance activities in Russia and announces the sale of its entire stake in Rosbank No Divestment from Russian companies or projects 11/04/2022 Click here
BNP Paribas Group France Stopping all new business in Russia and stopping processing local transactions No Suspension of some financial services to Russian companies 21/03/2022 Click here
Church of England AO UK Joint letter to TotalEnergies to urge it to cut ties with Russia Yes Other 16/03/2022 Click here
Munich Re Re/insurer Germany Will not renew existing contracts in Russia and Belarus, and new business has been suspended. Will do the same with its investments in the region. No Suspension new financial services to Russian companies 16/03/2022 Click here
EU FIs EU FIs EU A far-reaching ban on new investment across the Russian energy sector, with limited exceptions for civil nuclear energy and the transport of certain energy products back to the EU. Yes Suspension of new financial services to Russian companies and non-Russian companies operating in the country. 15/03/2022 Click here
Citi Group USA We have now decided to expand the scope of that exit [operations in Russia] process to include other lines of business and continue to reduce our remaining operations and exposure. No Suspension some financial services to Russian companies 14/03/2022 Click here
Deutsche Bank Group Germany Process of winding down remaining business in Russia. Helping its non-Russian multinational clients in reducing their operations. No new business in Russia. No Suspension some financial services to Russian companies 11/03/2022 Click here
Clearway Capital AO Australia Has written to the board of  TotalEnergies calling on it to exit its Russian operations in light of the war in Ukraine or face a vote on the issue at its next shareholder meeting. Yes Other 11/03/2022 Click here
Raiffeisen Bank International Bank Austria Halted the payment of its dividend as it assesses the impact of economic sanctions No Other 10/03/2022 Click here
Goldman Sachs Bank USA Closing out pre-existing obligations in the market. Still trading corporate debt tied to Russia No Suspension some financial services to Russian companies 10/03/2022 Click here
BNP Paribas Group France Implementation of international sanctions and decisions by public authorities No Statement but not commitments to cease financial services to Russian companies 09/03/2022 Click here
USA FIs USA FIs USA USA Gov. bans: New U.S. investment in Russia’s energy sector and Americans prohibited from financing or enabling foreign companies that are making investment to produce energy in Russia Yes Suspension new financial services to Russian companies 08/03/2022 Click here 
JPMorgan AM/Index provider USA Has frozen funds with significant Russian exposure/Remove Russian debt from its bond indices No Freezes funds with significant Russian exposure/Exclusion of Russia from certain indexes or bonds 07/03/2022 Click here and here 
Amundi AM France Has frozen funds with significant Russian exposure No Freezes funds with significant Russian exposure 07/03/2022 Click here
UBS AM Switzerland Has frozen funds with significant Russian exposure No Freezes funds with significant Russian exposure 07/03/2022 Click here
BNP Paribas AM France Has frozen funds with significant Russian exposure No Freezes funds with significant Russian exposure 07/03/2022 Click here
Abrdn AM UK Has frozen funds with significant Russian exposure No Freezes funds with significant Russian exposure 07/03/2022 Click here
Schroders AM UK Has frozen funds with significant Russian exposure No Freezes funds with significant Russian exposure 07/03/2022 Click here
Pictet AM Switzerland Has frozen funds with significant Russian exposure No Freezes funds with significant Russian exposure 07/03/2022 Click here
Prosperity Capital Management AM Cayman Islands Has suspended investor redemptions and net asset value calculations No Other 07/03/2022 Click here
Crédit Agricole Group France There has been no new financing to Russian counterparts since the beginning of the conflict. No Statement but not commitments to cease financial services to Russian companies 07/03/2022 Click here 
Carmignac AM France Prohibits itself from now on, “until further notice, any purchase of Russian securities” and commits itself “to manage the exit of the securities still present in the portfolios No Divestment from Russian companies or projects 07/03/2022 Click here 
S&P Dow Jones Indices Index provider USA Removing all stocks listed and/or domiciled in Russia from its benchmarks No Exclusion of Russia from certain indexes or bonds 04/03/2022 Click here 
FTSE Russell Index provider USA Drop Russian bonds from its fixed-income indexes No Exclusion of Russia from certain indexes or bonds 04/03/2022 Click here 
ABP AO Netherlands Sale of its Russian assets No Divestment from Russian companies or projects 03/03/2022 Click here
Bpf Bouw AO Netherlands Sale of its Russian assets No Divestment from Russian companies or projects 03/03/2022 Click here
Société Générale Group France Sanctions by the EU No Statement but not commitments to cease financial services to Russian companies 03/03/2022 Click here 
DWS AM Germany Actively managed mutual funds won’t make new investments in Russian securities. Suspend the subscription of new shares” in mutual funds that have significant Russian exposure. Suspended Russia exchange-traded funds. No Freezes funds with significant Russian exposure 03/03/2022 Click here and here 
Japan Bank for International Cooperation Bank Japan Will consider terminating the credit line agreement it has with Sberbank. Loans to the Arctic 2 LNG project and Yamal LNG project are still outstanding. No Statement but not commitments to cease financial services to Russian companies 03/03/2022 Click here
Generali Insurer Italy Closing its Moscow office and wind down its Europe Assistance business in Russia. Will also give up its seats on the board of Ingosstrakh, one of Russia’s largest insurers in which it holds a 38.5% stake. No Other 03/03/2022 Click here
Intesa Sanpaolo Bank Italy Is conducting a strategic review of its presence in Russia No Statement but not commitments to cease financial services to Russian companies 03/03/2022 Click here 
MSCI Index provider USA Reclassify the MSCI Russia Indexes from Emerging Markets to Standalone Markets Status No Exclusion of Russia from certain indexes or bonds 02/03/2022 Click here 
Nordea AM Finland Sell down all its Russian investments No Divestment from Russian companies or projects 01/03/2022 Click here 
HSBC AM UK Has frozen Russia-focused equity funds. Suspended Russia exchange-traded funds No Freezes funds with significant Russian exposure 01/03/2022 Click here 
BlackRock AM USA Suspended the purchase of all Russian securities in our active and index funds. Has proactively advocated with our index providers to remove Russian securities from broad-based indices. No Suspension some financial services to Russian companies 28/02/2022 Click here
KLP AO Norway Sell out of Russian stocks and bonds listed in London and New York. No Divestment from Russian companies or projects 28/02/2022 Click here
Britain’s Universities Superannuation Scheme AO UK Not to buy more Russian assets No Suspension new financial services to Russian companies 28/02/2022 Click here
Church of England AO UK Sell out of Russian stocks No Divestment from Russian companies or projects 25/02/2022 Click here