European finance institutions: stop fuelling war

Help us expose 10 European finance institutions and demand that they immediately cut their ties with the Russian fossil fuel industry.

Fossil fuels have been at the core of so much suffering for so long. From causing climate change and its devastating consequences, to driving conflicts across the world. It’s clear that the world’s unwillingness to end reliance on fossil fuels is fuelling global destruction and unrest.

Yet, many European finance institutions keep feeding this monster with money, which in turn fuels conflict – in this case Putin’s illegal invasion of Ukraine.

Tell the CEOs of European finance institutions: stop fuelling war

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To:
Mr. Andreas Uller, CEO, Carnegie Fonder
Mr. Thomas Gottstein, CEO, Credit Suisse
Mr. Per Elcar, CEO, East Capital
Mr. Carlo Messina, CEO, Intesa Sanpaolo
Mr. Renaud de Planta, senior managing partner, Pictet Group
Mr. Johann Strobl , CEO, Raiffeisen Bank International
Mr. Peter Harrison, CEO, Schroders Group
Mr. Frédéric Oudéa, CEO, Société Générale
Mr. Ralph Hamers, CEO, UBS
Mr. Andrea Orcel, Unicredit

Subject: Stopping all new financial services to Russian fossil fuel companies

We urge you to immediately publicly commit to stop providing loans, underwriting, advice, investments and any other financial service to Russian fossil fuel companies.

Greenpeace – along with our allies – has been urging financial institutions to stop providing financial services to fossil fuel companies for years.

The war in Ukraine has been met with firm responses by European governments and companies alike, willing to stand up in defense of human lives. While this sends the right signal, the Expert View published by Profundo on March 4 demonstrates that the political and investment decisions of European governments, companies, banks and investors have played a crucial role in building up Putin’s economic and military power.

European responses to the Russian invasion of Ukraine, which is creating more human suffering and displaced people every day are coming much too late. It is welcome that European governments are firm in their condemnation of the military invasion, imposing sanctions and offering support to Ukrainians fleeing the country. It is similarly encouraging that big companies like BP and Shell have pulled out of their huge Russian joint-ventures, and that big investors like the Norwegian Government Pension Fund and ABP have divested from Russian bonds and equities. The list of companies including banks, asset owners and asset managers that have publicly committed to withdraw from Russia or stop providing finance to Russian companies is growing each day.

Europe has a fair share of responsibility in the making of this crisis. Decades of economic, financial and moral support for the Russian regime have enabled and emboldened Putin’s continuous violations of humanitarian, ethical and juridical principles over the past decades. Nothing has stopped European companies, banks and investors from financing the Russian fossil fuel sector, the Russian government and – indirectly – the Russian production of (nuclear) weapons. Nor has it stopped them from financing the governments of other authoritarian regimes whose power and wealth is derived from fossil fuels.

European banks and investors, including your own institution, have fueled the Russian oil and gas industry with billions of euros, financing all steps in the value chain, from exploration and production, to pipelines and other infrastructure needed for storage and transportation.

In the light of the unfolding human tragedy and suffering in Ukraine, we are particularly alarmed by the lack of public commitment by the company you represent. We call on the banking and investment sectors to immediately stop providing any form of financial service to the Russian fossil fuel companies for their operations in Russia and abroad. We consider that such restrictions should apply to all your divisions and subsidiaries, without exception.

We urge you to immediately publicly commit to stop providing loans, underwriting, advice, investments and all other financial services to Russian fossil fuel companies.

We are aware of the complexities of the issue. However, we believe there is enormous potential for your institution to be a powerful driver of change across the industry, and we urge you to take a lead and implement meaningful action to deprive Putin’s illegal invasion of its fossil-fuel funded war chest.

Your sincerely,

This has to end today. Demand that European finance institutions stop providing finance to Russian fossil fuel companies and that they transition away from fossil fuel investments and towards investment in renewable energy and energy efficiency.

The fossil fuel addiction has to be cut globally, as simply replacing Russian oil and gas with fossil fuels from other places, leaves us in the same toxic circle and leads to more suffering and devastation. European finance institutions have a key role to play in ending the world’s reliance on fossil fuels.

Send an email directly to the CEOs of the following European finance institutions and demand they stop funding fossil fuels and Putin’s military power:

Intesa SanPaolo (Italy)
UniCredit (Italy)
Societe Generale (France)
Raiffeisen Bank International (Austria)
UBS (Switzerland)
Credit Suisse (Switzerland)
Schroders (UK)
Pictet (Switzerland)
East Capital (Sweden)
Carnegie Fonder (Sweden)

European finance institutions: stop fuelling war

Tell the CEOs of European finance institutions: stop fuelling war

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