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Finance sector has moral imperative to exclude Russian fossil fuel firms

In solidarity with Ukraine, a coalition of NGOs and groups around the world have sent a letter calling on financial institutions most exposed to Russian oil, gas, and coal to cease all ties with these companies, and to stop propping up Putin’s illegal war on Ukraine. 

Over 75 organisations, including Reclaim Finance, BankTrack, Stand.earth, Greenpeace, Sierra Club, and Rainforest Action Network, are writing to global insurers, banks and asset managers that are most active in the Russian fossil fuel sector, the insurers include AIG, Allianz, Atradius Re, AXA, Chubb, General Re, Hannover Re, Lloyd’s, Munich Re, Partner Re, SCOR, Swiss Re, Tokio Marine, Travelers, and Zurich. Groups are asking them to commit to not providing new financing, investment, insurance coverage and other financial services to companies which make up the core of Russia’s coal, oil and gas industry, and divesting from existing assets.

This is the start of a campaign that will target up to 100 financial institutions most exposed to Russian fossil fuels, dubbed the Putin 100. 

The letter quotes Desmond Tutu who said that choosing neutrality in the face of injustice is tantamount to choosing the side of the oppressor. “You would be guilty of crossing that line by maintaining your support for companies that are helping to directly fuel Russia’s war in Ukraine,” signatories say. 

The export of coal, oil and gas is bankrolling Putin’s autocratic regime and his illegal war on Ukraine. Financial institutions should immediately stop supporting the production of these fossil fuels, say campaigners. However, these institutions have remained silent. Oil and gas sales made up 36% of Russia’s budget last year and have allowed Putin to build up $470bn in foreign reserves. According to Morningstar, 14% of ESG investment funds are exposed to Russia.

As Svitlana Krakovska, the Ukrainian climate scientist and IPCC report co-author, has said: “Human-induced climate change and the war on Ukraine have the same roots – fossil fuels – and our dependence on them.”

The list of Russian companies to be excluded comprises over 60 major oil, gas, and coal companies that are either headquartered or active in Russia. The letter also calls on financial institutions to suspend all support for TotalEnergies, Fortum/Uniper, Wintershall DEA and other non-Russian fossil fuel companies active in Russia.

Svitlana Romanko

Ukraine-based climate activist and strategist

"Though there is a war, a horrific war in Ukraine, financial institutions and fossil fuel companies are actively financing Russian oil, gas and coal and thereby fueling continued aggression and Putin’s war machine. We call upon the governments, western companies and financial institutions to divest, end all trade and to embargo 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. Fossil fuel expansion globally must be immediately halted. Nations worldwide must commit to the rapid and just transition away from all fossil fuels and fossil fuel non proliferation. Fossil fuel companies cannot be allowed to make their 'peace washing' to justify extensive fossil fuel exploration."

Peter Bosshard

Coordinator of the Insure our Future campaign

"Russia’s fossil fuel industry, which is bankrolling Putin’s war on Ukraine, could not operate without insurance. At a time when even oil majors have written off billions of dollars in Russian assets overnight, the insurance sector is missing in action. Just like investors and financiers, insurers need to immediately stop all financial services to the Russian coal, oil and gas industry and stand with Ukraine."

Lucie Pinson

Executive Director of Reclaim Finance

"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. Our call goes beyond putting all Russian fossil fuel industry on notice and financial institutions must sever ties with TotalEnergies which refuses to leave Russia. All eyes are turned towards Crédit Agricole, the top banker and second largest shareholder in the French oil and gas major."

The letter was sent to the CEOs of AIG, Allianz, Atradius Re, AXA, Chubb, General Re, Hannover Re, Lloyd’s, Munich Re, Partner Re, SCOR, Swiss Re, Tokio Marine, Travelers, Zurich, Aviva Investors, Bank of America, BlackRock, BPCE/Natixis, Carmignac Gestion, Citi, Commerzbank, Crédit Agricole, Credit Suisse Group, DekaBank Deutsche Girozentrale, Desjardins Group, Deutsche Bank, Erste Group Bank, Fidelity International, FMR LLC, Goldman Sachs Group, Industrial and Commercial Bank of China, ING Group, Intesa Sanpaolo, Invesco Ltd, JPMorgan Chase, Legal & General Group, M&G, Mizuho, Morgan Stanley, MUFG, Pictet Funds, Prudential Financial, Raiffeisen Banking Group, Schroders, SMBC Group, Société Générale, State Street Corp, Svenska Handelsbanken AB, UBS, UniCredit, Vanguard Group.


The Putin100 is a list of insurers, investors and banks that are most exposed to Russian coal, oil and gas.

Download the letter

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