Putin’s bloody invasion of Ukraine is grinding on to its sixth month, and all this time a handful of western banks have kept supporting Russia’s fossil fuel sector.
Banks including Citi, HSBC, JPMorgan Chase, and Crédit Agricole are propping up Russian oil and gas producers and traders, prolonging Putin’s war.
But Ukrainian peace and climate activists, and even an advisor to the Ukrainian president, are naming and shaming the banks for their crimes. As we approach the war’s six months mark, a massive public outcry could help change the bankers’ calculus.
Tell Citi, HSBC, JPMorgan Chase, and Crédit Agricole to exit Russia’s fossil fuel sector.
In July, Ukraine’s government wrote to the bosses of U.S. and European banks, urging them to cut ties with corporations that trade Russian oil. They’re even gathering evidence, they’ve told reporters, to take the bankers to court when the war is over.
Pressure is mounting, and all we need is one bank to change to break the deadlock.
Right now Citi Group provides huge loans, bond issuance, revolving credits to Russian oil and gas giant Lukoil, Gazprom and to the trader, Vitol. HSBC holds shares in Lukoil, Tatneft, Novatek, Gazprom and Rosneft. JPMorgan holds $8 billion in Gazprom, Lukoil, Sberbank and Rosneft shares. Crédit Agricole holds more than €2 billion in Russian fossil fuel company shares. That’s what needs to stop.
Tell the bankers to exit Russia’s fossil fuel sector, and stop prolonging Putin’s war.
The situation looks desperate, but public pressure works -- and especially if the timing is right. SumOfUs members like you helped make Total and Chevron quit Myanmar over human rights abuses. Let’s add our voices now to all the Ukrainians demanding that these international banks stop prolonging Putin’s war.