Banks| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Join our Active Allies list
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2021-02-24 00:00:00
Protect the climate but finance Total?
2021-02-16 00:00:00
Oil and gas financiers are staring down the barrel at $1 trillion in losses: time to rein in support for new pipelines
2021-02-11 00:00:00
Beefing up risk: the exposure of JBS’ financiers to financial, regulatory and reputational risks
2021-01-25 00:00:00
Why should banks support EU mandatory human rights and environmental due diligence?
2020-09-24 12:53:20
Oscislowo open-pit coal mine cancelled
2020-09-08 13:07:41
Strengthened OECD guidance on responsible banking
2020-02-25 10:35:27
JPMorgan Chase Coal and Arctic Policy a step forward but fails to match its climate responsibility as the world’s #1 Fossil Bank
2020-02-18 17:27:23
Civil society groups welcome Royal Bank of Scotland preparing to exit fossil fuels
Connect
2021-02-01 00:00:00
Banking on Thin Ice
2020-11-30 00:00:00
Soft Commitments, Hard Lessons: an analysis of the Soft Commodities Compact
2020-11-24 00:00:00
"Trust Us, We're Equator Banks": Part II
2020-11-18 00:00:00
Crude Risk: Risks to banks and investors from the East African Crude Oil Pipeline
2020-09-16 00:00:00
Principles for Paris-Aligned Financial Institutions: Climate Impact, Fossil Fuels and Deforestation
2020-08-17 00:00:00
"Trust Us, We're Equator Banks": Part I
See all publications
Browse
Home
Banks
Dodgy Deals
Map
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook page
Twitter channel
Home › News
NGOs Call on Royal Bank of Scotland to recall Loan on Sakhalin II
Loan for controversial oil and gas project passed on to RBS
Start
Banks
Dodgy Deals

By: Pacific Environment
2008-01-17
Edinburgh, London

Contact:

Sakhalin Environment Watch - Dmitry Lisitsyn,
Tel: +7 4242 74 75 18

Pacific Environment - Doug Norlen
Tel: +1 202 465 1650

Friends of the Earth International - Paul de Clerck
Tel: +32-494380959

WWF UK - James Leaton
Tel: +44 148 341 2513

PLATFORM - Mika Minio-Paluello
Tel: +44 (0)20 7403 3738


Share this page:

RBS logo. Photo: RBS
Nineteen local and international environmental organizations called today on Sir Fred Goodwin, CEO of Royal Bank of Scotland (RBS), to recall a controversial $1 billion loan by ABN AMRO for the Russian energy giant, Gazprom’s purchase of a controlling share of the enormous Sakhalin II oil and gas project in Russia. Sakhalin II has caused many severe environmental problems and violates the Equator Principles, to which RBS has signed. The groups also request to meet with Goodwin. RBS leads a consortium of banks that purchased ABN AMRO in 2007.

Environmental groups opposed ABN AMRO financing for Sakhalin II because the project threatens the Western Gray Whale with extinction, damages hundreds of wild salmon runs, and negatively impacts local communities.

“When RBS bought ABN AMRO, it acquired the bank’s assets and liabilities, including financial and reputational, and thus the responsibility to address the wrongful financing of Sakhalin II,” said Dmitry Lisitsyn, Chairman, Sakhalin Environment Watch.

Environmental groups and independent consultants of potential lenders, including the European Bank for Reconstruction and Development have for many years documented Sakhalin II’s severe, chronic and irreversible violations of bank environmental policies. For private banks, this includes the Equator Principles on environmental performance, which both RBS and ABN AMRO have committed to follow. EBRD eventually withdrew its consideration of Sakhalin II while many other banks suspended consideration of the project due to environmental problems.

“At the 2005 ABN AMRO Annual Meeting, Chief Executive Officer Rijkman Groenink committed to not finance Sakhalin II until it was brought into compliance with the Equator Principles,” said Paul de Clerck of Friends of the Earth International, who was at the 2005 ABN AMRO Annual Meeting where the commitment was made. “So, it came as a complete shock when the bank circumvented the Principles by financing Sakhalin II through one of the project sponsors. RBS must now take responsibility to correct this damage.”

“The buck now stops at RBS,” said Doug Norlen, Policy Director, Pacific Environment.


Find here a copy of the letter.

Notes:
See ABN Amro slammed for $1 billion Sakhalin II deal, Environmental Finance, London, 26 April, 2007.
Other banks involved in the ABN AMRO acquisition are Fortis and Santander.
Sakhalin Environment Watch is the lead Sakhalin Island-based group confronting the environmental problems of Sakhalin II.
This commitment was made to environmental organizations by Mr. Groenink during questions and answers at the ABN AMRO 2005 Annual Meeting.

Related banks

ABN AMRO Netherlands

active

NatWest Group United Kingdom

active

Related Dodgy Deals

Projects

There are no projects active for this item now.
on record

Sakhalin II oil and gas project Russian Federation

Oil and Gas Extraction
Browse
Home
Banks
Dodgy Deals
Map
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook page
Twitter channel
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted