Pressure is building on U.S. financial firms to respond to Russia’s invasion of Ukraine by ditching their investments in both Russia and its fossil fuel sector
"Frankly, every dollar invested in Russian oil and gas supports Putin's war of aggression," said Grace Regullano, a senior strategist with Bank On Our Future.
Now, environmentalists want Western finance firms to do the same. They say major investment banks with stakes in Russia and its largest emitters should follow suit to further squeeze Russian President Vladimir Putin and his nation’s economy. Doing so, they add, also can help the firms mitigate financial risk.from Rainforest Action Network, the Wall Street giant is the largest global banker of Gazprom, another state-owned energy company.
Citigroup Inc. also is under fire for its general investments in Russia and its role as a so-called depositary bank for Lukoil, another Russian oil and gas giant., the job entails providing a “corporate governance seal of approval” to help companies access international capital and reassure investors that those companies are safe investments.
A spokesperson for JPMorgan declined to respond to advocates’ concerns. A Citi spokesperson also declined to comment on advocates’ concerns, but did reference a recentthat said the firm’s exposure to Russia makes up just 0.3 percent of its overall assets. “Even if you’re ignoring climate concerns, the risk profile for Russia is so high ... that a bank like JPMorgan should be carefully reassessing every single trading and banking relationship with every single Russian firm, starting with the fossil fuel firms,” he said.
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