Banks and Putin's war in Ukraine

It is crucial that banks globally act upon the Russian aggression and contribute to global pressure on Russia, by publicly condemning the Russian aggression, by halting operations in Russia (and its vassal state Belarus), and most importantly by ending all their support for the Russian coal, oil and gas industry. Efforts are underway globally to make banks do exactly that...

Crucial as the fossil fuel sector is for Russia, this should not be the only focus of action for banks. It is a moral imperative for banks to not provide financial services to the Russian state, its vassal state Belarus, or sectors of the Russian economy as long as the war rages on and peace is not restored. Some banks (for example Citi, ING, Goldman Sachs, Nordea and Danske Bank) have already announced plans for suspending all or part of their operations in Russia, but too many others have not yet done so. 

This is why BankTrack and other civil society organisations in an open letter call upon banks globally to move further. The letter of 30+ organisations (which can still be supported by groups here) calls on banks to:

1. Take a clear public stance against the Russian invasion of Ukraine...
2. Report publicly on business activities in Russia, with as much detail and transparency as legally permitted...
3. Cease any and all provision of financial services to Russian and non-Russian companies operating in the Russian coal, oil and gas sectors...
4. Suspend all corporate and investment banking activities in Russia...
5. Engage with clients and investee companies with ongoing operations in Russia to heed the call of the Ukrainian government to cease their operations in Russia...