{"id":19604,"date":"2022-03-09T17:27:55","date_gmt":"2022-03-09T16:27:55","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=19604"},"modified":"2023-02-08T15:29:31","modified_gmt":"2023-02-08T14:29:31","slug":"which-financial-institutions-are-cutting-ties-with-fossil-fuels-in-russia","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2022\/03\/09\/which-financial-institutions-are-cutting-ties-with-fossil-fuels-in-russia\/","title":{"rendered":"Which financial institutions are cutting ties with fossil fuels in Russia?"},"content":{"rendered":"

In the context of Putin\u2019s 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\u2019s 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\u2019s budget last year and have allowed Putin to build up $470bn in foreign reserves.<\/b><\/span><\/p>\n

The entire American finance sector has now been requested by the US government to cease new investments and new financing services for Russia\u2019s 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. <\/b><\/p>\n

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 <\/a><\/u>to step up and exclude Russian coal, oil and gas companies<\/a><\/u> 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<\/a><\/u> until these groups have withdrawn from their operations in the country, like BP, Shell, Equinor and ExxonMobil have already committed to.<\/p>\n

This list is a living document. It was last updated on 11\/04\/2022 at 17:00 CEST.<\/b><\/p>\n<\/p>\n

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Financial Institution <\/strong><\/th>\nType of FI <\/strong><\/th>\nCountry<\/strong><\/th>\nAnnouncement <\/strong><\/th>\nFocus on energy sector<\/strong><\/th>\nType of announcement<\/strong><\/th>\nArticle’s date<\/strong><\/th>\nSource<\/strong><\/th>\n<\/tr>\n<\/thead>\n
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale<\/td>\nGroup<\/td>\nFrance<\/td>\nCeases its banking and insurance activities in Russia and announces the sale of its entire stake in Rosbank<\/td>\nNo<\/td>\nDivestment from Russian companies or projects<\/td>\n11\/04\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
BNP Paribas<\/td>\nGroup<\/td>\nFrance<\/td>\nStopping all new business in Russia and stopping processing local transactions<\/td>\nNo<\/td>\nSuspension of some financial services to Russian companies<\/td>\n21\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Church of England<\/td>\nAO<\/td>\nUK<\/td>\nJoint letter to TotalEnergies to urge it to cut ties with Russia<\/td>\nYes<\/td>\nOther<\/td>\n16\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Munich Re<\/td>\nRe\/insurer<\/td>\nGermany<\/td>\nWill not renew existing contracts in Russia and Belarus, and new business has been suspended. Will do the same with its investments in the region.<\/td>\nNo<\/td>\nSuspension new financial services to Russian companies<\/td>\n16\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
EU FIs<\/td>\nEU FIs<\/td>\nEU<\/td>\nA 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.<\/td>\nYes<\/td>\nSuspension of new financial services to Russian companies and non-Russian companies operating in the country.<\/td>\n15\/03\/2022<\/td>\nClick here<\/i><\/a><\/td>\n<\/tr>\n
Citi<\/td>\nGroup<\/td>\nUSA<\/td>\nWe 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.<\/td>\nNo<\/td>\nSuspension some financial services to Russian companies<\/td>\n14\/03\/2022<\/td>\nClick here<\/i><\/a><\/td>\n<\/tr>\n
Deutsche Bank<\/td>\nGroup<\/td>\nGermany<\/td>\nProcess of winding down remaining business in Russia. Helping its non-Russian multinational clients in reducing their operations. No new business in Russia.<\/td>\nNo<\/td>\nSuspension some financial services to Russian companies<\/td>\n11\/03\/2022<\/td>\nClick here<\/i><\/a><\/td>\n<\/tr>\n
Clearway Capital<\/td>\nAO<\/td>\nAustralia<\/td>\nHas 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.<\/td>\nYes<\/td>\nOther<\/td>\n11\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Raiffeisen Bank International<\/td>\nBank<\/td>\nAustria<\/td>\nHalted the payment of its dividend as it assesses the impact of economic sanctions<\/td>\nNo<\/td>\nOther<\/td>\n10\/03\/2022<\/td>\nClick here<\/i><\/a><\/td>\n<\/tr>\n
Goldman Sachs<\/td>\nBank<\/td>\nUSA<\/td>\nClosing out pre-existing obligations in the market. Still trading corporate debt tied to Russia<\/td>\nNo<\/td>\nSuspension some financial services to Russian companies<\/td>\n10\/03\/2022<\/td>\n<\/i>Click here<\/a><\/i><\/td>\n<\/tr>\n
BNP Paribas<\/td>\nGroup<\/td>\nFrance<\/td>\nImplementation of international sanctions and decisions by public authorities<\/td>\nNo<\/td>\nStatement but not commitments to cease financial services to Russian companies<\/td>\n09\/03\/2022<\/td>\nClick here<\/i><\/a><\/td>\n<\/tr>\n
USA FIs<\/td>\nUSA FIs<\/td>\nUSA<\/td>\nUSA Gov. bans: New U.S. investment in Russia\u2019s energy sector and Americans prohibited from financing or enabling foreign companies that are making investment to produce energy in Russia<\/td>\nYes<\/td>\nSuspension new financial services to Russian companies<\/td>\n08\/03\/2022<\/td>\nClick here <\/em><\/a><\/td>\n<\/tr>\n
JPMorgan<\/td>\nAM\/Index provider<\/td>\nUSA<\/td>\nHas frozen funds with significant Russian exposure\/Remove Russian debt from its bond indices<\/td>\nNo<\/td>\nFreezes funds with significant Russian exposure\/Exclusion of Russia from certain indexes or bonds<\/td>\n07\/03\/2022<\/td>\nClick here<\/a> and here <\/a><\/em><\/td>\n<\/tr>\n
Amundi<\/td>\nAM<\/td>\nFrance<\/td>\nHas frozen funds with significant Russian exposure<\/td>\nNo<\/td>\nFreezes funds with significant Russian exposure<\/span><\/td>\n07\/03\/2022<\/span><\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
UBS<\/td>\nAM<\/td>\nSwitzerland<\/td>\nHas frozen funds with significant Russian exposure<\/td>\nNo<\/td>\nFreezes funds with significant Russian exposure<\/span><\/td>\n07\/03\/2022<\/span><\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
BNP Paribas<\/td>\nAM<\/td>\nFrance<\/td>\nHas frozen funds with significant Russian exposure<\/td>\nNo<\/td>\nFreezes funds with significant Russian exposure<\/td>\n07\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Abrdn<\/td>\nAM<\/td>\nUK<\/td>\nHas frozen funds with significant Russian exposure<\/td>\nNo<\/td>\nFreezes funds with significant Russian exposure<\/td>\n07\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Schroders<\/td>\nAM<\/td>\nUK<\/td>\nHas frozen funds with significant Russian exposure<\/span><\/td>\nNo<\/td>\nFreezes funds with significant Russian exposure<\/td>\n07\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Pictet<\/td>\nAM<\/td>\nSwitzerland<\/td>\nHas frozen funds with significant Russian exposure<\/td>\nNo<\/td>\nFreezes funds with significant Russian exposure<\/td>\n07\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Prosperity Capital Management<\/td>\nAM<\/td>\nCayman Islands<\/td>\nHas suspended investor redemptions and net asset value calculations<\/td>\nNo<\/td>\nOther<\/td>\n07\/03\/2022<\/td>\nClick here<\/a><\/em><\/td>\n<\/tr>\n
Cr\u00e9dit Agricole<\/td>\nGroup<\/td>\nFrance<\/td>\nThere has been no new financing to Russian counterparts since the beginning of the conflict.<\/td>\nNo<\/td>\nStatement but not commitments to cease financial services to Russian companies<\/td>\n07\/03\/2022<\/td>\nClick here <\/a><\/em><\/td>\n<\/tr>\n
Carmignac<\/td>\nAM<\/td>\nFrance<\/td>\nProhibits itself from now on, \u00ab\u00a0until further notice, any purchase of Russian securities\u00a0\u00bb and commits itself \u00ab\u00a0to manage the exit of the securities still present in the portfolios<\/td>\nNo<\/td>\nDivestment from Russian companies or projects<\/td>\n07\/03\/2022<\/td>\nClick here <\/em><\/a><\/td>\n<\/tr>\n
S&P Dow Jones Indices<\/td>\nIndex provider<\/span><\/td>\nUSA<\/td>\nRemoving all stocks listed and\/or domiciled in Russia from its benchmarks<\/td>\nNo<\/td>\nExclusion of Russia from certain indexes or bonds<\/td>\n04\/03\/2022<\/td>\nClick here <\/a><\/em><\/td>\n<\/tr>\n
FTSE Russell<\/td>\nIndex provider<\/td>\nUSA<\/td>\nDrop Russian bonds from its fixed-income indexes<\/td>\nNo<\/td>\nExclusion of Russia from certain indexes or bonds<\/td>\n04\/03\/2022<\/td>\nClick here <\/em><\/a><\/td>\n<\/tr>\n
ABP<\/td>\nAO<\/td>\nNetherlands<\/td>\nSale of its Russian assets<\/td>\nNo<\/td>\nDivestment from Russian companies or projects<\/td>\n03\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Bpf Bouw<\/td>\nAO<\/td>\nNetherlands<\/td>\nSale of its Russian assets<\/td>\nNo<\/td>\nDivestment from Russian companies or projects<\/td>\n03\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale<\/td>\nGroup<\/td>\nFrance<\/td>\nSanctions by the EU<\/td>\nNo<\/td>\nStatement but not commitments to cease financial services to Russian companies<\/td>\n03\/03\/2022<\/td>\nClick here <\/a><\/em><\/td>\n<\/tr>\n
DWS<\/td>\nAM<\/td>\nGermany<\/td>\nActively managed mutual funds won\u2019t make new investments in Russian securities. Suspend the subscription of new shares\u201d in mutual funds that have significant Russian exposure. Suspended Russia exchange-traded funds.<\/td>\nNo<\/td>\nFreezes funds with significant Russian exposure<\/td>\n03\/03\/2022<\/td>\nClick here <\/a>and here <\/a><\/em><\/td>\n<\/tr>\n
Japan Bank for International Cooperation<\/td>\nBank<\/td>\nJapan<\/td>\nWill consider terminating the credit line agreement it has with Sberbank. Loans to the Arctic 2 LNG project and Yamal LNG project are still outstanding.<\/td>\nNo<\/td>\nStatement but not commitments to cease financial services to Russian companies<\/td>\n03\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Generali<\/td>\nInsurer<\/td>\nItaly<\/td>\nClosing 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.<\/td>\nNo<\/td>\nOther<\/td>\n03\/03\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Intesa Sanpaolo<\/td>\nBank<\/td>\nItaly<\/td>\nIs conducting a strategic review of its presence in Russia<\/td>\nNo<\/span><\/td>\nStatement but not commitments to cease financial services to Russian companies<\/td>\n03\/03\/2022<\/td>\nClick here <\/em><\/a><\/td>\n<\/tr>\n
MSCI<\/td>\nIndex provider<\/td>\nUSA<\/td>\nReclassify the MSCI Russia Indexes from Emerging Markets to Standalone Markets Status<\/td>\nNo<\/td>\nExclusion of Russia from certain indexes or bonds<\/td>\n02\/03\/2022<\/td>\nClick here <\/em><\/a><\/td>\n<\/tr>\n
Nordea<\/td>\nAM<\/td>\nFinland<\/td>\nSell down all its Russian investments<\/td>\nNo<\/td>\nDivestment from Russian companies or projects<\/td>\n01\/03\/2022<\/td>\nClick here <\/em><\/a><\/td>\n<\/tr>\n
HSBC<\/td>\nAM<\/td>\nUK<\/td>\nHas frozen Russia-focused equity funds. Suspended Russia exchange-traded funds<\/td>\nNo<\/td>\nFreezes funds with significant Russian exposure<\/td>\n01\/03\/2022<\/td>\nClick here <\/em><\/a><\/td>\n<\/tr>\n
BlackRock<\/td>\nAM<\/td>\nUSA<\/td>\nSuspended 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.<\/td>\nNo<\/td>\nSuspension some financial services to Russian companies<\/td>\n28\/02\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
KLP<\/td>\nAO<\/td>\nNorway<\/td>\nSell out of Russian stocks and bonds listed in London and New York.<\/td>\nNo<\/td>\nDivestment from Russian companies or projects<\/td>\n28\/02\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Britain’s Universities Superannuation Scheme<\/td>\nAO<\/td>\nUK<\/td>\nNot to buy more Russian assets<\/td>\nNo<\/td>\nSuspension new financial services to Russian companies<\/td>\n28\/02\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n
Church of England<\/td>\nAO<\/td>\nUK<\/td>\nSell out of Russian stocks<\/td>\nNo<\/td>\nDivestment from Russian companies or projects<\/td>\n25\/02\/2022<\/td>\nClick here<\/em><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div>