The people of Ukraine are being subjected to a brutal and illegal invasion perpetrated by the Russian military. And Putin is paying for it using all the profits he’s making from Russia’s biggest fossil fuel companies.

Companies like Gazprom, Rosneft, Tatneft, Lukoil and Novatek are gigantic fossil fuels extractors. And a huge cut of their profits go to Putin’s war chest. The same war chest he’s using to invade Ukraine.

But the Russian companies must get their profit from somewhere. And these companies are huge financial institutions, including HSBC.

Companies like BP and Shell are getting rid of their investments in Russia. But HSBC are trying to keep one foot in the door.

According to Bloomberg data HSBC, through its asset management arm, owns equity stakes in five of the biggest Russian oil and gas companies, listed above. HSBC is directly invested in these companies, and is exposing millions of clients around the world to these assets. HSBC doesn’t just do business with Russian oil and gas companies – it owns them.

HSBC was also involved in two large recent financings of Gazprom, in 2019 (a US $552.75m revolving credit facility) and 2021 (a $589.55m revolving credit facility). The bank was listed as a ‘Lead Manager’ on both deals.

HSBC must pull ALL fossil fuel investment out of Russia immediately.

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