More than 75 nongovernmental organizations and groups wrote to the chief executives of banking giants, including Deutsche Bank, Bank of America and Société Générale, as well as insurers AXA and Zurich, urging them to cease all financial services for Russian fossil-fuel companies.
"In particular, we call on you to commit to no longer providing new financing, investment, insurance coverage and other financial services to these companies, and divest from existing assets," said the campaigners, which include Greenpeace, Rainforest Action Network and Climate Finance.
"A massive and immediate roll-out of renewables, energy savings and demand reduction, combined with cutting ties to fossil fuels are all necessary and directly contribute to ending our society's fossil-fuel dependence, and putting a stop to financing wars and planetary destruction," they said.
The groups said they want the financial services companies to "stop propping up [Russian President Vladimir] Putin's illegal war on Ukraine," saying that the export of coal, oil and gas is bankrolling his "autocratic regime" and the war.
The campaigners said they have drawn up a list of more than 60 major oil, gas, and coal companies that are either headquartered or active in Russia that they want to be excluded by the financial services companies. Among the majors on the list are Gazprom, Lukoil and Rosneft Oil Co.
"It's horrific to find out that even in a time of war, many financial institutions are trying to straddle the fence and condemn Putin's war while protecting vested interests in the oil and gas industry," said Lucie Pinson, executive director of another signatory, Reclaim Finance, an organization that campaigns on the impact of financial companies on the climate.
Svitlana Romanko, a Ukrainian environmental activist, backed the call for divestment and an embargo on all fossil fuels from Russia.
"We call for justice and peace. The world's addiction to fossil fuels continues to create conflict around the world. We call to overcome this. We want no more wars," Romanko said.
The Russian Embassy in London, Deutsche Bank, Société Générale, Bank of America, AXA and Zurich have been approached for comment.
The relationship between Western businesses and Russia has come under scrutiny since Moscow's armed forces invaded Ukraine last week.
Western states and organizations have imposed sanctions that target Russian financial institutions. Some major businesses have also said they will step back from dealing with Russian counterparts and the state. The largest pension scheme in Britain, the Universities Superannuation Scheme, said on Thursday that there is a clear financial and moral case for ditching its Russian assets, joining a list of funds seeking to exit the market.
--Additional reporting by Najiyya Budaly and Martin Croucher. Editing by Joe Millis.
For a reprint of this article, please contact reprints@law360.com.
