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Climate Groups Press Banks, Asset Managers to Sever Russian Ties

March 4, 2022, 9:00 AM

A coalition of more than 75 climate change-focused nonprofits want the biggest names in banking and fund management to “stop propping up Putin’s illegal war on Ukraine” by severing all financial ties with Russian energy companies.

The organizations, which include Sierra Club and Rainforest Action Network, have requested 100 financial institutions — a group it’s calling the “Putin 100” — put an end to the financing, investing and insuring of companies in Russia’s coal, oil and gas industries, and to divest from existing holdings. The letter was sent to firms including JPMorgan Chase & Co., BlackRock Inc and Citigroup Inc.

Financial firms are scrambling to respond to Vladimir ...