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Home › Campaigns › Banks and Human Rights ›
Campaign

Banks and Russian Aggression in Ukraine

By: BankTrack
Contact:

Max Hammer, Banks and Human Rights Campaigner

Photo: BankTrack
By: BankTrack
Contact:

Max Hammer, Banks and Human Rights Campaigner

Why this campaign?

On 24th February 2022, Russia began its full-scale illegal invasion of Ukraine, causing death and destruction on a massive scale and forcing millions of residents to flee their homes in search of safety. Thankfully, the abhorrent actions of the Russian state have been met with an unprecedented global response, with countries and companies alike exerting maximum pressure on Russia to end the war.

It is crucial that commercial banks join this global action and contribute to pressure on Russia by:

  • publicly condemning the Russian aggression,

  • ending any remaining support for the Russian coal, oil and gas industry,

  • and making a complete exit from Russia (and its vassal state Belarus).

Two and a half years into the war, many international banks have heeded this call, but some banks still refuse to leave Russia to this day - most notably, Italy’s UniCredit, Hungary’s OTP, and especially Austria’s Raiffeisen Bank International. Efforts are underway globally to target those banks still remaining in Russia and enabling Putin’s war.

A war enabled by commercial banks

A number of international commercial banks are providing billions of euros of financing to help the Russian regime sustain and legitimate its war on Ukraine, even though boycotts and EU/US sanctions have restricted their opportunities to do business with some of the Russian companies fuelling this war, including in the oil and gas sectors.

As with other international businesses, commercial banks still operating in Russia provide tax revenues to the Russian government that enable it to keep bombing Ukrainian cities and killing Ukrainian civilians. In 2023, Western banks lined the Kremlin’s pockets with €800m in tax revenue – of which an estimated 41% has gone directly to the Russian war effort. Of these funds, more than three quarters were provided by just three Western banks – Raiffeisen Bank International, UniCredit, and OTP. The Kremlin is now getting more money from global banks than it was at any time before the invasion - not just because Putin introduced a new windfall tax on profitable companies in 2024 to raise money for the war on Ukraine, but also because some of these banks have increased their Russian profits since early 2022. And since Russian courts keep seizing hundreds of millions of euros from foreign banks at will and awarding this money to Russian energy giants such as Gazprom, international banks that still operate in Russia put themselves at further risk of providing huge lump sums to the war effort whenever a Russian court decides. At a time when many global organisations and companies are coordinating to deprive the Russian war machine of its cash flow, these banks are helping Russia’s regime financially sustain itself and its war.

In addition to tax money, commercial banks also put employees at risk of becoming involuntary soldiers for the Russian war effort. In late 2022, Putin dragged all international companies in Russia into the war by signing a law forcing them to make sure eligible employees are conscripted as soldiers. Shortly after this policy was enacted, a Raiffeisen employee who had been mobilised was killed in the war. By failing to pull out of Russia, banks don’t just risk prolonging the war effort – they also put themselves at risk of being forced into complicity in Russia’s war crimes in Ukraine.

As well as for money and soldiers, Russia depends on international banks in order to keep a sense of normality alive in Russia. Banks that refuse to pull out and continue providing financial services enable companies and retail customers to proceed with their business and normal life, thereby ignoring the global pressure and outrage that otherwise could help bring the war to an end. 

Because banks are such key players in sustaining Russia’s war on Ukraine, applying pressure on these banks can also play a crucial role in stopping the political legitimacy and financial fuel that the war depends on. The Kremlin has repeatedly tried to block banks from pulling out of Russia: Putin has imposed “exit taxes” on companies that try to leave, and all companies that try to sell their Russian subsidiaries can only do so with his approval. Several of the banks that have stayed in until now have had their shares frozen by Russian courts. The Russian government is taking drastic steps to stop banks from leaving Russia because it is vulnerable to the risk of losing access to the international financial system. But it cannot stop commercial banks from winding down their operations, stopping their servicing of retail clients, and thus ending their complicity with the Russian invasion. The longer international banks stay in Russia, the harder it is to withdraw – now is the time to act.

A fossil fuel driven war

Putin would not have been able to invade Ukraine without years of revenues from Russia's coal, oil and gas exports to Europe and the rest of the world paying for his army. Revenues from state-owned companies and oil and gas-related taxes and export tariffs accounted for 45% of Russia’s federal budget in early 2022. In 2023, Russia was still exporting 4.6m barrels of oil a day, or 9% of global trade - barely marking a decrease from its exports in 2022. Although efforts to reduce Russia’s gas revenues have been more successful, Russia is still the world’s second largest gas producer, after the United States, producing 638 billion cubic metres (bcm) in 2021, or 18% of the world’s gas output. Since the start of the war, Russian gas exports have reduced by 47%, driven largely by a marked decrease in gas supplied to the EU. But the export value of Russian piped gas still amounts to €61 million per day, and the EU is still paying hundreds of millions each month for unsanctioned Russian liquified natural gas (LNG) imports. Finally, Russia still exports around 200 million tons of coal each year, with China, Korea and Europe being the biggest export markets. CREA continues to regularly update its tracker of Russian energy exports, which can be found here.

Alongside 75 NGOs, BankTrack has been calling for a global boycott of Russian fossil fuels since the outset of the war, when it became clear that major banks and investors were continuing to finance Russian coal, oil and gas companies. Since then, most commercial banks have walked back from previous financial ties to the Russian fossil fuel industry, in part because of US sanctions placing limits on financial institutions’ ability to provide financing to already-sanctioned Russian entities. 

BankTrack will continue to call upon banks, insurers and investors - including those not directly affected by existing sanctions - to go even further in their commitments, by excluding all Russian coal, oil and gas companies from all financial services. In particular, we call on them to commit to no longer provide new financing, investment, insurance coverage and other financial services to these companies, and divest from existing assets. Reclaim Finance has a list here of such commitments. 

A global call on banks to act

It is a moral imperative for banks to make a complete exit from Russia for as long as the war rages on and justice and reparations have not been delivered. 

Many commercial banks have responded to the global call to leave Russia –  including Société Générale, which exited Russia in April 2022 by selling its stake in Rosbank at a loss; and Citi, which has steadily scaled down its activities in Russia since the invasion and is ending its Russian retail banking services by November 2024. 

Unfortunately, more than two and a half  years after the invasion, several commercial banks, including Italy’s UniCredit, Hungary’s OTP, and especially Austria’s Raiffeisen Bank International, continue to operate in Russia, providing cover and legitimacy to a Russian regime which has killed tens of thousands of people and destroyed whole cities in the course of its war on Ukraine.

In the early phase of the war, BankTrack and other civil society organisations called upon banks globally to move further. The 2022 open letter by 30+ organisations calls on banks to:

  1. Suspend all corporate and investment banking activities in Russia: This should include new loans and underwriting services and the exclusion of Russian shares and bonds from bank indices. Such a suspension of activities must take place with due respect for human rights and following established principles of responsible disengagement.

  2. Report publicly on business activities in Russia, with as much detail and transparency as legally permitted: This includes overall exposure via lending and investment services, investments in Russian government and corporate bonds, and investment funds (e.g. ETFs) and mutual funds offered to retail customers. Banks should also report on losses resulting from their own policy response to the crisis.

  3. 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. Banks should consider suspending their finance for companies that opt to continue their operations in Russia.

  4. Cease any and all provision of financial services to Russian and non-Russian companies operating in the Russian coal, oil and gas sectors. This includes all services to Russian coal, oil and gas companies as well as to non-Russian fossil fuel companies that have not yet decided to cease their operations in Russia.

  5. Take a clear public stance against the Russian invasion of Ukraine: Banks should not just deplore the situation, but publicly condemn the Russian aggression against Ukraine as unacceptable.

With the Russian invasion of Ukraine showing no sign of waning, it is more urgent than ever before that banks comply with these demands.

Policy analysis

Tracking policy responses of banks

BankTrack is keeping track of how banks globally respond to the Russian invasion in Ukraine, and so do others. The KSE Institute of the Kyiv School of Economics maintains the leave-russia.org website listing companies still operating in Russia, including banks and other financial industries. The tracker tool below derives information partly from this website and other sources, including the Yale List of companies leaving and staying in Russia.

The tracker was most recently updated in October 2024. Browse it below to see our latest research on the status of the commercial banks that were most exposed to Russia at the start of its invasion of Ukraine in 2022, including the progress of their Russia exits and the tax revenues they paid to the Russian regime in the last two years.

We are continuously looking for ways to improve our research overview of banks' exposure to Russian aggression in Ukraine. If there is any important information you feel is missing from this tracker, or if you would like more information on how the assessments above are sourced and calculated, please get in touch at max@banktrack.org.

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Resources
Documents
Links
2024-12-11 00:00:00

Goldene Brücken abreißen

Raiffeisen Bank muss Russland verlassen
BankTrack publication
2024-12-11 00:00:00 | BankTrack, B4Ukraine
2024-12-11 00:00:00

Burning the Bridge

Why Raiffeisen Bank must leave Russia
BankTrack publication
2024-12-11 00:00:00 | BankTrack, B4Ukraine
2023-05-25 00:00:00

Letter from Ukrainian and global civil society organisations to Raiffeisen Bank International on a moral exit from Russia

Correspondence
2023-05-25 00:00:00 | Ukrainian and global civil society organisations
2022-11-14 00:00:00

Letter from B4Ukraine to Raiffeisen Bank International on Raiffeisen Bank Business Operations in Russia

Correspondence
2022-11-14 00:00:00 | B4Ukraine
2023-01-25 00:00:00

Letter from Raiffeisen Bank International to Business & Human Rights Resource on War in Ukraine and bank's operation in Russia

Response by Raiffeisen Bank International to Business & Human Rights Resource Centre regarding bank's operations in Russia
Correspondence
2023-01-25 00:00:00 | Raiffeisen Bank International
2022-03-22 00:00:00

Letter from 30+ civil society organisations to commercial banks on demand to withdraw business from Russia

Correspondence
2022-03-22 00:00:00 | 30+ civil society organisations
2022-03-10 00:00:00

Letter from 75+ civil society organisations to commercial banks on ending support for fossil fuel companies in Russia

Correspondence
2022-03-10 00:00:00 | 75+ civil society organisations

Business for Ukraine

Coalition for Ukraine (finance section)

Companies withdrawing from Russia - Yale School of Management

Defuel Russia's War

Leave Russia - Banks still in Russia

Leave Russia.org (finance section)

Open letter to banks to act on Russian invasion

Putin100

Stop Putin's biggest bankrollers. Ending finance for Putin’s fossil fueled regime will help end the war on Ukraine

Stand with Ukraine

Ukraine invasion: Banks & financial institutions seek to cut ties with Russia

Business & Human Rights Resource Centre

Which financiers cut ties with fossil fuels in Russia?

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2024-05-15 | Reuters
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2024-05-08 | Financial Times
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2024-05-06 | Reuters
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2024-04-23 | Reuters
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2024-04-19 | Reuters
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2024-04-15 | Financial Times
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2024-04-05 | Reuters
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2023-08-02 | Rome, Italy | Reuters
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2023-08-01 | Vienna, Austria | Reuters
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UBS drops Credit Suisse’s Russian clients

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2023-07-06 | Vienna, Austria | Reuters
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2023-06-28 | Reuters
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2023-06-14 | Frankfurt, Germany | Reuters
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2023-05-26 | Leasing Life
Blog
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2023-05-25 | Nijmegen, Netherlands | BankTrack
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2023-05-23 | Vienna, Austria | Reuters
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Exclusive: ECB pressures Austria's Raiffeisen bank to quit Russia

2023-03-24 | Reuters
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Ukraine declares Raiffeisen Bank international sponsor of war

2023-03-23 | The New Voice of Ukraine
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Raiffeisen shares slide after U.S. sanctions office asks about Russia

2023-02-20 | Reuters
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Analysis: Loans to Russian soldiers fuel calls for European banks to quit

2023-02-13 | Reuters
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Austria's Raiffeisen says Ukrainian sanctions target its leasing unit

2023-01-30 | Reuters
Blog
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"Stop financing the war against Ukraine"

Rally in Vienna called on Raiffeisen Bank to pull out of Russia
2022-12-05 | Vienna | Business for Ukraine
Blog
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Banks in Russia now have to help with conscription: Those who stay could be complicit in war crimes

2022-10-11 | Lorena Bisignano – BankTrack, Ryan Brightwell – BankTrack
Blog
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Multinational companies in Russia are now obliged to assist the Kremlin with war mobilization

2022-09-27 | Kyiv | Business for Ukraine
Blog
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US banks under scrutiny in Congress over continued business with Russian oil and gas

2022-09-22 | Razom We Stand
Blog
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Banks have Ukrainian blood on their hands

Citi is not alone. Together with JPMorgan Chase, HSBC, and Crédit Agricole, it collectively provided more than 12 billion dollars of loans for Russian oil and gas companies in the run up to Russia's full scale military invasion.
2022-09-07 | Svitlana Romanko, Razom We Stand
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UK and US banks among biggest backers of Russian ‘carbon bombs’, data shows

Ukrainian campaigners call for immediate end to investments, to cut funds to war and help avoid climate breakdown
2022-08-24 | The Guardian
Blog
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Finance goes to war: Intesa Sanpaolo between Russian fossil industry and US gas

Intesa Sanpaolo is the Italian financial group with the closest relations with Moscow
2022-06-08 | Rome | ReCommon
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UBS holds $22 bln for Russians subject to Swiss and EU scrutiny

2022-04-26 | Reuters
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Société Générale ceases its activities in Russia and signs an agreement to sell Rosbank and its Russian insurance subsidiaries

2022-04-11 | BankTrack
Blog
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NGOs reveal top international companies, banks, and investors that fuel Russia's war machine

2022-04-04 | Berlin | urgewald, Ecodefense
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At Vienna rally, activists call on Raiffeisen shareholders urged to pull out of Russia

2022-03-31 | Ukrinform
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The Ukraine crisis could impede banks from dropping fossil fuels

2022-03-30 | Quartz.com
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BNP Paribas stops new business in Russia, joins European peers

2022-03-22 | The Business Times
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Civil society organisations call on commercial banks to pull out of Russia

2022-03-22 | Nijmegen | BankTrack
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Credit Agricole suspends services in Russia as banks retreat

2022-03-22 | WTVBAM
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Retreat from Russia riddled with risks for Western banks

2022-03-18 | Reuters
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Enabling Putin’s war

The ties between Amsterdam’s financial centre and Gazprom
2022-03-17 | SOMO
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Exclusive: HSBC customers threaten to switch banks unless it cuts Russian oil ties

2022-03-11 | London | City A.M.
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BlackRock funds just lost $17 billion due to Russian exposure. That’s just the tip of the iceberg, as Western banks are owed $121 billion by Russian entities

2022-03-11 | Fortune
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The Ukraine invasion shows that banks can fix their climate problem

2022-03-11 | Quartz
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Goldman first Wall Street group to announce Russia exit plans

2022-03-10 | The Financial Times
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Explainer: Russia fallout hits global banks

2022-03-10 | Reuters
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What the war in Ukraine teaches us

Lessons for European governments, companies and financiers - a Profundo Expert View
2022-03-04 | Jan Willem van Gelder - Profundo
Blog
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Finance sector has moral imperative to exclude Russian fossil fuel firms

Financial institutions most exposed to Russian oil, gas and coal should stop propping up Putin’s illegal war on Ukraine
2022-03-03 | Paris | Reclaim Finance
Blog
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Russia has become an overnight pariah. Banks should take rapid action to divest.

European and US banks like JPMorgan, Citi, UniCredit and Deutsche Bank have been recent supporters of Russian oil, gas and coal
2022-03-02 | Ryan Brightwell – BankTrack
Blog
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Top U.S. institutions are financing Russia war chest

Stand.earth research shows billions from BlackRock, Vanguard and others invested in Russian oil and gas
2022-03-01 | Traditional Lummi and Nooksack Land and Unceded and Coast Salish Territories (BELLINGHAM, WA) | Stand.earth
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