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HSBC is propping up Vladimir Putin’s war in Ukraine. Here’s how:
Vladimir Putin is only able to carry out his brutal war because of the billions of dollars he’s amassed over years of controlling the Russian fossil fuel companies. Russia’s oil and gas giants like Rosneft and Gazprom sell fossil fuels all over the world, and the money they make feeds Putin’s war chest.
HSBC is taking steps to reduce direct business with Russia. But it’s still lending billions of dollars to Russian fossil fuel companies. That means HSBC are still sponsoring the companies feeding Putin his war money. And they know it.
This is why the Ukrainian government recently called for HSBC to be tried for war crimes:
This is very exciting. Ukraine plans to take JP Morgan, HSBC, Credit Agricole and other banks to the International Criminal Court for war crimes for the banks alleged roles in continuing to provide financial services to Russian entities
— Bill Browder (@Billbrowder) July 16, 2022
It gets even worse. Not only is HSBC funding business with Russian fossil fuels, it owns them too. HSBC has 320 million dollars worth of shares in Lukoil, Tatneft, Novatek, Gazprom and Rosneft – all Russian fossil fuel companies that feed Putin.
This means that HSBC are supporting war, fossil fuels and dictators all at once – and it’s not just Putin. One of HSBC’s biggest clients is Saudi Aramco, the single worst polluting company in the world, and the oil company of the Saudi Arabian government which is a terrible record on human rights and war. HSBC is the bank for fossil fuel dictators.
Stopping Putin is about stopping his sales of fossil fuels. HSBC must stop all financial ties and funding to Russian fossil fuels immediately.