Stop Financing Russian Energy

Russia’s energy sector is highly attractive for foreign investors. In 2021, total foreign direct investment in the energy resource sector amounted to $116 billion.

Without the financial support of foreign banks, investors and insurers, the Russian energy sector would be a shadow of its current self

Foreign investors and banks have been doing business with Russia for decades. Some like the big profit margins, others appreciate the loose or largely absent regulatory oversight, and yet others have developed deep ties to one or more oligarchs, which promise repeat business.

Without them, Vladimir Putin’s ability to hold the EU in a chokehold over coal, oil, and gas deliveries would be greatly diminished. These are the Russian fossil fuel industry’s most significant foreign investors.

We call on these financial actors to cut their longstanding ties to the Russian energy sector now.



  1. Investors in Oil & Gas
  2. Banks Financing Oil & Gas
  3. Investors in Coal
  4. Banks Financing Coal

Investors in Oil & Gas



Bond- and shareholding per financial institution
(Beginning March 2022 or most recent filings, in US$ mln)

Financial data on the following Russian Oil & Gas Exit List companies was found:

PJSC LUKOIL, PJSC Rosneft Oil Company, PJSC Gazprom, PAO NOVATEK, PJSC Tatneft, Surgutneftegas PJSC, PJSC Transneft, PJSC Joint Stock Oil Company Bashneft


Investor in Oil & Gas Investor Country Bondholding Shareholding Total
Qatar Investment Authority Qatar 15,308.23 15,308.23
Svyazinvestneftekhim Russia 4,610.53 4,610.53
Vanguard United States 16.45 3,971.77 3,988.22
BlackRock United States 23.77 2,823.81 2,847.58
Capital Group United States 2,096.09 2,096.09
GQG Partners United States 2,055.11 2,055.11
Invesco United States 3.04 1,968.82 1,971.85
Government Pension Fund Global Norway 1,617.96 1,617.96
Schroders United Kingdom 8.62 1,182.70 1,191.32
Fidelity Investments United States 6.01 1,110.67 1,116.68
JPMorgan Chase United States 15.23 943.38 958.61
Affiliated Managers Group United States 935.28 935.28
Japan Mutual Aid Association of Public School Teachers Japan 791.44 791.44
Government Pension Investment Fund (GPIF) Japan 1.53 770.58 772.11
Sberbank Russia 719.86 719.86
Charles Schwab United States 687.81 687.81
Algemeen Burgerlijk Pensioenfonds (ABP) Netherlands 685.70 685.70
Pictet Switzerland 611.08 611.08
Geode Capital Holdings United States 524.83 524.83
Abrdn United Kingdom 14.70 477.32 492.01
Alfa Capital Asset Management Russia 488.10 488.10
VTB Group Russia 449.84 449.84
BNP Paribas France 0.05 429.68 429.73
Crédit Agricole France 1.00 416.55 417.55
Franklin Resources United States 46.79 344.35 391.14
TIAA United States 155.13 235.05 390.18
Van Eck Global United States 0.10 378.76 378.86
Dimensional Fund Advisors United States 0.10 378.28 378.38
Deutsche Bank Germany 2.62 375.22 377.84
California Public Employees' Retirement System (CalPERS) United States 375.54 375.54
State Street United States 0.26 356.21 356.48
Wellington Management United States 0.82 349.93 350.75
California State Teachers' Retirement System (CalSTRS) United States 3.51 323.52 327.03
Raiffeisen Banking Group Austria 326.36 326.36
Macquarie Group Australia 36.61 285.53 322.13
LSV Asset Management United States 286.32 286.32
Credit Suisse Switzerland 27.50 245.35 272.85
Northern Trust United States 272.12 272.12
Caisse de Dépôt et Placement du Québec (CDPQ) Canada 270.98 270.98
HSBC United Kingdom 67.96 199.34 267.30
Grantham Mayo Van Otterloo & Co United States 260.95 260.95
Orix Corporation Japan 256.44 256.44
Allianz Germany 111.35 136.02 247.37
Equitable Holdings United States 29.89 200.21 230.10
UBS Switzerland 22.89 206.74 229.63
Pensioenfonds Zorg en Welzijn (PFZW) Netherlands 121.56 106.88 228.44
Fisher Investments United States 223.78 223.78
Vontobel Switzerland 1.02 222.27 223.28
East Capital Sweden 222.34 222.34
National Pension Service South Korea 5.36 211.50 216.86
Lazard Bermuda 205.81 205.81
Kopernik Global Investors United States 194.01 194.01
Arrowstreet Capital United States 183.16 183.16
Carnegie Holding Sweden 183.10 183.10
MassMutual Financial United States 172.67 172.67
T. Rowe Price United States 0.07 158.41 158.48
Sun Life Financial Canada 158.23 158.23
American Century Companies United States 2.00 149.05 151.05
Baron Capital United States 149.57 149.57
Deka Group Germany 1.37 145.26 146.63
Thornburg Investment Management United States 12.88 131.26 144.14
Principal Financial Group United States 10.83 131.57 142.40
Nordea Finland 129.33 129.33
Royal London Group United Kingdom 128.09 128.09
Goldman Sachs United States 89.04 38.34 127.38
Fidelity International Bermuda 2.19 123.20 125.39
Pension Fund Association for Local Government Officials Japan 3.16 111.04 114.20
Manulife Financial Canada 59.98 46.60 106.57
RWC Asset Advisors United States 98.73 98.73
Promsvyazbank Russia 98.39 98.39
Mercer Global Advisors United States 98.34 98.34
Morgan Stanley United States 95.62 95.62
Ameriprise Financial United States 3.63 90.94 94.56
Causeway Capital Holdings United States 93.76 93.76
Bank of New York Mellon United States 3.68 89.86 93.54
Neuberger Berman United States 0.60 91.38 91.98
Russian Agricultural Bank Russia 89.62 89.62
New York State Teachers' Retirement System (NYSTRS) United States 88.16 88.16
Florida State Board of Administration United States 1.53 84.15 85.68
Intesa Sanpaolo Italy 0.22 81.19 81.41
Aton LLC Russia 79.81 79.81
Danske Bank Denmark 74.13 74.13
Lord, Abbett & Co United States 69.15 0.05 69.20
Florida State Board of Administration (FSBA) United States 68.51 68.51
Bedrijfstakpensioenfonds voor de Bouwnijverheid (BpfBOUW) Netherlands 68.45 68.45
OP Financial Group Finland 2.00 65.49 67.49
DZ Bank Germany 8.70 56.49 65.19
TA Associates United States 4.82 60.04 64.85
Aviva United Kingdom 62.03 62.03
Allspring Global Investments United States 61.57 61.57
Gemway Assets France 61.55 61.55
Legal & General United Kingdom 8.30 51.01 59.31
Otkritie Bank Russia 57.05 57.05
Ninety One South Africa 20.84 35.63 56.47
Voya Financial United States 31.28 25.15 56.43
Erste Group Austria 11.10 44.43 55.53
Prosperity Capital Management United Kingdom 55.22 55.22
Sjunde AP-fonden (AP-7) Sweden 54.88 54.88
Zürcher Kantonalbank Switzerland 0.02 54.17 54.19
NN Group Netherlands 53.90 53.90
Fuh Hwa Securities Investment Trust Taiwan 48.66 48.66
Prudential Financial (US) United States 35.53 11.87 47.40
Fiera Capital Canada 47.38 47.38
Brandes Investment Partners United States 44.07 44.07
FinEx Capital Management United Kingdom 7.04 36.49 43.53
American International Group (AIG) United States 40.84 1.48 42.32
Scotiabank Canada 41.01 41.01
Aegon Netherlands 32.24 8.64 40.88
Bessemer Trust United States 40.69 40.69
Driehaus Capital Holdings United States 40.68 40.68
Todd Asset Management United States 38.58 38.58
Polunin Capital Partners United Kingdom 36.43 36.43
Pensioenfonds Metaal en Techniek (PMT) Netherlands 35.99 35.99
Société Générale France 35.94 35.94
M&G United Kingdom 35.20 35.20
Gazprombank Russia 34.96 34.96
Banco Mediolanum Italy 0.40 32.81 33.21
Storebrand Norway 32.44 32.44
Jupiter Fund Management United Kingdom 32.34 32.34
Pacific Investments Management Limited United Kingdom 31.70 31.70
Pensioenfonds Detailhandel Netherlands 1.06 29.89 30.95
Virtus Investment Partners United States 0.16 30.53 30.70
Nomura Japan 30.58 30.58
LOYS Germany 30.40 30.40
Banque Degroof Petercam Belgium 30.15 30.15
BMO Financial Group Canada 1.81 27.83 29.64
New York State Common Retirement Fund United States 28.84 28.84
Carne Capital United States 28.44 28.44
DNB Norway 27.42 27.42
Pacific Century Group Hong Kong 24.97 1.82 26.79
Victory Capital United States 26.35 26.35
Region Investment Company Russia 26.02 26.02
Kommunal Landspensjonskasse Gjensidig Forsikringsselskap (KLP) Norway 25.50 25.50
BankInvest Denmark 8.35 17.13 25.48
Mori Capital Malta 24.35 24.35
Northwestern Mutual United States 24.27 24.27
MetLife United States 21.45 2.16 23.61
Scottish Equity Partners United Kingdom 22.70 22.70
WCM Investment Management United States 21.87 21.87
Anima Italy 21.22 21.22
Schafer Cullen Capital Management United States 21.05 21.05
Kentucky Teachers' Retirement System United States 20.95 20.95
AGF Management Canada 19.96 19.96
Kiwoom Asset Management South Korea 19.96 19.96
Man Group United Kingdom 19.76 19.76
Fonds de Compensation Luxembourg 2.00 17.46 19.46
Ashmore Group United Kingdom 3.27 15.77 19.03
Sydbank Denmark 18.71 18.71
Muzinich & Co United States 17.67 17.67
Janus Henderson United Kingdom 0.65 16.93 17.58
Edmond de Rothschild Switzerland 17.52 17.52
GAM Holding Switzerland 8.45 9.01 17.46
SEI United States 17.35 17.35
Coronation Fund Managers South Africa 16.57 16.57
Nykredit Group Denmark 2.10 13.74 15.84
SMBC Group Japan 15.80 15.80
Probus Group Switzerland 15.02 15.02
Lincoln National Corporation United States 15.02 15.02
Union Bancaire Privée Switzerland 14.50 0.30 14.80
Assenagon Luxembourg 14.57 14.57
AXA France 14.01 14.01
Thomas White International United States 13.93 13.93
Guinness Atkinson Asset Management United States 13.76 13.76
Sumitomo Mitsui Trust Japan 13.59 13.59
Research Affiliates United States 13.56 13.56
Kapital Asset Management Russia 12.95 12.95
Pzena Investment Management United States 12.12 12.12
Azimut Italy 11.99 11.99
Thrivent Financial United States 11.87 11.87
Oldfield Partners United Kingdom 11.56 11.56
Van Lanschot Kempen Netherlands 11.50 11.50
PKO Bank Polski Poland 11.28 11.28
BKS Asset Management Russia 10.50 10.50
TKB Investment Partners Russia 10.07 10.07
Franklin Square United States 9.85 9.85
Arsagera Asset Management Russia 9.82 9.82
Connor, Clark & Lunn Financial Group Canada 9.67 9.67
Pensioenfonds Horeca & Catering (PH&C) Netherlands 9.57 9.57
HuaAn Fund Management China 9.49 9.49
Mediobanca Banca di Credito Finanziario Italy 9.30 9.30
AQR Capital Management United States 0.00 9.18 9.18
Eaton Vance United States 9.17 9.17
Keppler Asset Management United States 9.05 9.05
Bellevue Group Switzerland 8.86 8.86
Groupe BPCE France 2.86 5.85 8.71
Alfa Mutual Insurance Company United States 8.39 8.39
Clarivest Asset Management United States 8.18 8.18
Metagestión Spain 8.16 8.16
Somerset Capital Management United Kingdom 7.65 7.65
CNO Financial Group United States 7.64 7.64
Banque Cantonale Vaudoise Switzerland 7.46 7.46
Discover Capital Germany 7.39 7.39
Lemanik Switzerland 0.00 7.34 7.34
Safra Group Brazil 7.29 7.29
Brandywine Global Investment Management United States 7.10 7.10
Formuepleje Denmark 7.06 7.06
Federation of National Public Service Personnel Mutual Aid Associations Japan 0.14 6.90 7.04
S-Bank Finland 7.03 7.03
Power Financial Corporation Canada 6.98 6.98
Banca Credinvest Switzerland 6.90 6.90
DJE Kapital Germany 5.61 1.07 6.67
Lombard Odier Switzerland 0.70 5.93 6.63
ABN Amro Netherlands 1.84 4.75 6.59
Mitsubishi UFJ Financial Japan 6.50 6.50
Guggenheim Capital United States 6.13 6.13
First Trust Advisors United States 5.94 5.94
J&T Finance Group Czech Republic 5.80 0.10 5.90
Japan Police Personnel Mutual Aid Association - Welfare pension insurance benefit union reserve fund Japan 5.87 5.87
B. Metzler seel. Sohn & Co Germany 5.82 5.82
Chubb Switzerland 5.76 5.76
Arga Investment Management United States 5.54 5.54
Daiwa Securities Japan 5.50 5.50
Calamos Investments United States 5.42 5.42
Japan Police Personnel Mutual Aid Association Japan 5.34 5.34
E.C. Elbrus Capital Investments Cyprus 5.21 5.21
New York Life Insurance United States 3.99 1.09 5.07
ICW Group United States 4.57 4.57
Savings Bank Life Insurance Company of Massachusetts United States 4.50 4.50
St. Galler Kantonalbank Switzerland 4.47 4.47
HDI Germany 4.46 4.46
Banco de Sabadell Spain 4.37 4.37
Nasdaq United States 4.31 4.31
Cambria Investment Management United States 4.23 4.23
Exponential ETFS United States 4.10 4.10
Brookfield Asset Management Canada 4.09 4.09
Assicurazioni Generali Italy 1.40 2.68 4.08
The Hartford United States 4.06 4.06
Ohio National Mutual Holdings United States 4.00 4.00
Mirae Asset Financial Group South Korea 3.89 3.89
BCS Wealth Management United States 3.79 3.79
IFM Independent Fund Management Liechtenstein 3.79 3.79
Valartis Group Switzerland 3.72 3.72
Aprel Kapital Russia 3.71 3.71
Munich Re Germany 3.59 3.59
Prudential Plc United Kingdom 3.57 3.57
Premier Asset Management United Kingdom 3.38 3.38
Margetts United Kingdom 3.28 3.28
MMI Holdings South Africa 3.28 3.28
U.S. Global Investors United States 3.25 3.25
Legato Capital Management United States 3.22 3.22
Nippon Life Insurance Japan 3.11 3.11
Mondrian Investment Partners United Kingdom 3.07 3.07
SIA Group Switzerland 2.91 2.91
Colchester Global Investors United Kingdom 2.89 2.89
Royal Bank of Canada Canada 2.89 2.89
CIBC Canada 2.89 2.89
Toroso Investments United States 2.87 2.87
Matthews International Capital Management United States 2.75 2.75
Envestnet United States 2.69 2.69
Henry James International Management United States 2.67 2.67
Mizuho Financial Japan 2.66 2.66
Aricapital Asset Russia 2.52 2.52
PZU Group Poland 2.45 2.45
Hanwha Asset Management South Korea 2.41 2.41
Bank Frick & Co Liechtenstein 2.40 2.40
DOHOD Asset Management Company Russia 2.36 2.36
BlueAlpha Investment Management South Africa 2.29 2.29
High Pointe Capital Management United States 2.24 2.24
Argonaut Capital Partners United Kingdom 2.20 2.20
Mutual of Omaha United States 2.17 2.17
Yousif Capital Management United States 2.17 2.17
Fubon Financial Taiwan 2.15 2.15
Evli Bank Finland 2.11 2.11
Swiss Life Switzerland 2.04 2.04
Ando Securities Japan 2.01 2.01
CITIC China 2.00 2.00
Carmignac Gestion France 2.00 2.00
Evangelische Bank Germany 2.00 2.00
Axiom Investors United States 1.97 1.97
Central Mutual Insurance United States 1.94 1.94
M.M. Warburg & Co. Germany 1.85 1.85
Artisan Partners United States 1.83 1.83
Chatham Asset Management United States 1.82 1.82
Sloane Robinson United Kingdom 1.81 1.81
Banco Comercial Portugues Portugal 1.80 1.80
Ruffer United Kingdom 1.76 1.76
Severo-Zapadnaya Russia 1.67 1.67
FIVV Germany 0.69 0.96 1.65
Andbank Andorra 1.63 1.63
Dodge & Cox United States 1.57 1.57
United Bankers Finland 1.57 1.57
Principal Vermögensverwaltung Liechtenstein 1.53 1.53
Federated Investors United States 1.40 0.06 1.46
Southern Baptist Convention United States 1.45 1.45
HAC VermögensManagement Germany 1.40 1.40
Richmond Capital Management United States 1.40 1.40
EFG International Switzerland 1.40 1.40
United Services Automobile Association United States 1.39 1.39
China Investment Corporation China 1.37 1.37
Western & Southern Financial United States 1.34 1.34
Fisch Asset Management Switzerland 1.25 1.25
SOLID Management Russia 1.24 1.24
Emirates NBD United Arab Emirates 1.21 1.21
Bennicas and Associates United States 1.21 1.21
BayernLB Germany 1.20 1.20
Berkshire Hathaway United States 1.18 1.18
Swiss Rock Asset Management Switzerland 1.16 1.16
Maj Invest Holding Denmark 1.16 1.16
Banka Citadele Latvia 1.16 1.16
Desjardins Group Canada 1.16 1.16
Jyske Bank Denmark 1.14 1.14
CI Financial Canada 1.13 1.13
Ante Asset Management Liechtenstein 1.11 1.11
Hutchinson Lilley Investments United Kingdom 1.09 1.09
Montagu Private Equity United Kingdom 1.09 1.09
Atlas Capital Advisors United States 1.07 1.07
Lenox Wealth Management United States 1.07 1.07
Aktia Bank Finland 1.05 1.05
Quantex Switzerland 1.03 1.03
Thoma Bravo United States 1.02 1.02
Cuna Mutual Group United States 1.00 1.00
Peregrine Wealth United Kingdom 1.00 1.00
PKB Group Switzerland 0.20 0.79 0.99
Bailard United States 0.98 0.98
Banca March Spain 0.97 0.97
Vident Financial United States 0.96 0.96
Peramo Invest Russia 0.96 0.96
GS&P Group Germany 0.93 0.93
VerbaCapital Russia 0.89 0.89
GN Group Liechtenstein 0.85 0.85
1741 Group Switzerland 0.85 0.85
Milliman United States 0.84 0.84
CATAM Asset Management Switzerland 0.81 0.81
GSLP International Luxembourg 0.78 0.78
Finlabo Italy 0.78 0.78
Cohen & Steers United States 0.78 0.78
Ingosstrakh Russia 0.77 0.77
Resolute Investment United States 0.76 0.76
SHIP Capital Partners United States 0.72 0.72
Vestcor Canada 0.70 0.70
ConsultInvest Italy 0.70 0.70
TCW Group United States 0.05 0.63 0.68
UK Transfingrup Russia 0.66 0.66
Collegium Vermögensverwaltungs Germany 0.66 0.66
Cathay Financial Taiwan 0.65 0.65
KANON Germany 0.63 0.63
American Financial Group United States 0.63 0.63
Foresters Financial Canada 0.62 0.62
Quaestio Holding Luxembourg 0.61 0.61
China Southern Asset Management (CSAM) China 0.61 0.61
Canoe Financial Canada 0.60 0.60
Berenberg Bank Germany 0.60 0.60
MCVM Liechtenstein 0.20 0.39 0.59
Liontrust Asset Management United Kingdom 0.58 0.58
IST Investmentstiftung Switzerland 0.12 0.45 0.57
Reichmuth & Co Switzerland 0.57 0.57
MB Fund Advisory Germany 0.54 0.54
Skandia Sweden 0.53 0.53
Solid Investment Financial Russia 0.52 0.52
Landesbank Hessen-Thüringen Germany 0.50 0.50
Athene Holding Bermuda 0.50 0.50
Azemos Vermögensmanagement Germany 0.50 0.50
Captrust Financial Advisors United States 0.49 0.49
Woori Financial South Korea 0.49 0.49
Johnson Investment Counsel United States 0.48 0.48
FundShare Fund Management Netherlands 0.47 0.47
3 Banken Group Austria 0.46 0.46
AK Bars Russia 0.46 0.46
Macif France 0.45 0.45
Riverfront Investment Group United States 0.45 0.45
Stratton Street Capital United Kingdom 0.45 0.45
Callan Associates United States 0.44 0.44
Boston Private United States 0.05 0.38 0.43
Payden & Rygel United States 0.43 0.43
BrightGate Capital Spain 0.43 0.43
Rayliant Global Advisors United Kingdom 0.41 0.41
SingAlliance Switzerland 0.41 0.41
Neue Privat Bank Switzerland 0.40 0.40
Mirabaud Switzerland 0.40 0.40
PNC Financial Services United States 0.38 0.38
Signal Iduna Group Germany 0.38 0.38
PenSam Denmark 0.37 0.37
Sistema Capital Russia 0.37 0.37
Invest Management Center UK Russia 0.36 0.36
Pacer Advisors United States 0.33 0.33
Hexavest Canada 0.33 0.33
Hof Hoorneman Bankiers Netherlands 0.33 0.33
Baxter Investment Management United States 0.32 0.32
Shenkman Capital Management United States 0.30 0.30
Thurgauer Kantonalbank Switzerland 0.30 0.30
Timothy Partners United States 0.29 0.29
Taishin Financial Group Taiwan 0.29 0.29
Banca Popolare di Sondrio Italy 0.28 0.28
MK Luxinvest Luxembourg 0.27 0.27
Bank of China China 0.27 0.27
ZEST Switzerland 0.26 0.26
Arvest Funds Switzerland 0.25 0.25
Counterpoint Asset Management South Africa 0.25 0.25
M&T Bank United States 0.24 0.24
OLMA-FINANCE Management Company Russia 0.22 0.22
Volksbank Kur- und Rheinpfalz Germany 0.22 0.22
Trigon Capital Estonia 0.22 0.22
First Commonwealth Financial United States 0.21 0.21
VP Bank Group Liechtenstein 0.20 0.20
C-Quadrat Group Austria 0.20 0.20
Fame Investments Austria 0.20 0.20
KB Financial Group South Korea 0.19 0.19
LocalTapiola Group Finland 0.19 0.19
Leader Management Company Russia 0.19 0.19
Novo Banco Portugal 0.18 0.18
GRAWE Group Austria 0.17 0.17
Anphiko Asset Management Luxembourg 0.17 0.17
Minnesota Mutual Companies United States 0.16 0.16
ICM InvestmentBank Germany 0.16 0.16
O'Shaughnessy Asset Management United States 0.15 0.15
Valex Capital Switzerland 0.15 0.15
Banca del Ceresio Switzerland 0.15 0.15
DuPont Capital Management United States 0.15 0.15
Caravan Capital Management United States 0.15 0.15
BFC Fund Management Liechtenstein 0.14 0.14
Invest-Ural Russia 0.14 0.14
Cigna United States 0.14 0.14
FTC Capital Austria 0.14 0.14
AcomeA Italy 0.14 0.14
FINAM Russia 0.14 0.14
Graubundner Kantonalbank Switzerland 0.12 0.12
Cape Cod Five Cents Savings Bank United States 0.12 0.12
Alicanto Capital Italy 0.12 0.12
China Merchants Bank China 0.12 0.12
EB Portfoliomanagement Austria 0.12 0.12
Energy-Invest UK Russia 0.10 0.10
Agidel Management Russia 0.10 0.10
ProShare Advisors United States 0.10 0.10
DB Fitzpatrick United States 0.08 0.08
Lingohr & Partner Asset Management Germany 0.07 0.07
Westchester United States 0.07 0.07
Tokio Marine Japan 0.07 0.07
Taiwan Cooperative Financial Taiwan 0.07 0.07
Toronto-Dominion Bank Canada 0.06 0.06
Fosun International China 0.06 0.06
Mercury Capital Trust Russia 0.06 0.06
Berner Kantonalbank Switzerland 0.06 0.06
Wallberg Invest Luxembourg 0.06 0.06
Kyobo AXA Investment Managers South Korea 0.05 0.05
Ronin Partners Russia 0.05 0.05
Privatconsult Vermögensverwaltung Austria 0.04 0.04
Gold Coin Invest Switzerland 0.04 0.04
Alltek IF Russia 0.04 0.04
QBF Asset Management Russia 0.03 0.03
Trinfico Russia 0.03 0.03
Pragma Kapital Russia 0.03 0.03
Metropol Group Russia 0.03 0.03
Reuss Private Group Switzerland 0.02 0.02
China Construction Bank China 0.02 0.02
Smith Asset Management Group United States 0.02 0.02
Private Capital Group United States 0.02 0.02
ATL Capital Spain 0.02 0.02
Independent Financial Partners United States 0.01 0.01
Concorde Holdings United States 0.01 0.01
Hedge Invest Italy 0.00 0.00
Krasny Most Russia 0.00 0.00
Financial Gravity United States 0.00 0.00
Private Ocean United States 0.00 0.00
Resona Holdings Japan 0.00 0.00
First Horizon United States 0.00 0.00
Fürstlich Castell'sche Bank Germany 0.00 0.00
Pensioenfonds Vervoer Netherlands 0.00 0.00 0.00
Agora Investment SGR Italy 0.00 0.00
PEH Wertpapier Germany 0.00 0.00
Total 1,539.67 59,413.67 60,953.35

Banks Financing Oil & Gas



Loans & underwriting per financial institution
(2019 – Beginning March 2022, in US$ mln)

Financial data on the following Russian Oil & Gas Exit List companies was found:

PJSC Gazprom, PJSC Rosneft Oil Company, PAO NOVATEK, PJSC LUKOIL, Irkutsk Oil Company Co Llc, PJSC Transneft, PJSC Tatneft


Bank Financing Oil & Gas Country Loans Underwriting Total
Gazprombank Russia 2,430.30 12,235.35 14,665.65
Russian Regional Development Bank Russia 44.36 13,377.95 13,422.31
Sberbank Russia 5,644.76 1,493.58 7,138.35
JPMorgan Chase United States 86.01 4,958.23 5,044.24
VTB Group Russia 3,758.77 3,758.77
China Eximbank China 2,490.88 2,490.88
China Development Bank China 2,490.87 2,490.87
Otkritie Bank Russia 1,830.93 163.06 1,993.99
Intesa Sanpaolo Italy 860.09 986.82 1,846.91
Citigroup United States 380.42 1,266.67 1,647.09
JBIC Japan 1,485.29 1,485.29
UniCredit Italy 288.50 1,115.23 1,403.72
Société Générale France 840.01 500.00 1,340.01
Crédit Agricole France 565.33 714.00 1,279.33
Nippon Export and Investment Insurance Japan 1,238.51 1,238.51
Credit Bank of Moscow Russia 457.16 757.00 1,214.16
Bank of China China 1,114.75 1,114.75
China Construction Bank China 1,114.75 1,114.75
VEB.RF Russia 934.92 54.71 989.63
SMBC Group Japan 211.01 636.82 847.83
Cassa Depositi e Prestiti Italy 768.11 768.11
Mitsubishi UFJ Financial Japan 600.15 150.00 750.15
Deutsche Bank Germany 714.41 714.41
Region Investment Company Russia 592.54 592.54
Groupe BPCE France 336.60 200.00 536.60
Alfa-Bank Russia 502.30 502.30
ING Group Netherlands 386.01 386.01
Mizuho Financial Japan 27.05 241.14 268.19
DZ Bank Germany 195.62 195.62
Sovcombank Russia 169.54 169.54
Landesbank Hessen-Thüringen Germany 169.42 169.42
Renaissance Capital Group United States 156.25 156.25
Nongovernmental Pension Fund GAZFOND Russia 121.23 121.23
Goldman Sachs United States 116.33 116.33
UBS Switzerland 101.34 101.34
Credit Suisse Switzerland 101.34 101.34
Commerzbank Germany 86.01 86.01
Bank Zenit Russia 80.45 80.45
Raiffeisen Banking Group Austria 53.25 53.25
BayernLB Germany 53.25 53.25
Oversea-Chinese Banking Corporation Singapore 53.25 53.25
HSBC United Kingdom 53.25 53.25
Promsvyazbank Russia 50.27 50.27
Zenit Bank Russia 44.36 44.36
ABN Amro Netherlands 27.05 27.05
Rabobank Netherlands 27.05 27.05
Total 28,843.54 43,861.06 72,704.60

Investors in Coal



Shareholdings per financial institution
(December 2021 or most recent filings, in US$ mln)

Financial data on the following Russian Global Coal Exit List companies was found:

En+ Group MKPAO, Federal Hydro-Generating Company RusHydro PAO, Severstal' PAO, Inter Rao PAO, Mechel PAO, Ogk-2 Pao, Territorial'naya Generiruyushchaya Kompaniya No 14 PAO


Investor in Coal Country Shareholding
VTB Group Russia 2,202.61
Vanguard United States 337.89
BlackRock United States 204.43
Government Pension Fund Global Norway 129.78
Kopernik Global Investors United States 106.27
Pictet Switzerland 78.25
BNP Paribas France 74.37
Alfa Capital Asset Management Russia 61.95
Odey Asset Management United Kingdom 53.20
Fidelity International United States 48.73
East Capital Sweden 46.96
Japan Mutual Aid Association of Public School Teachers Japan 44.92
Swedbank Sweden 42.30
Government Pension Investment Fund (GPIF) Japan 42.13
Sberbank Russia 38.74
Charles Schwab United States 36.06
GQG Partners United States 34.23
State Street United States 33.91
Arrowstreet Capital United States 33.50
Crédit Agricole France 28.78
JPMorgan Chase United States 28.52
Promsvyazbank Russia 25.72
Carnegie Holding Sweden 25.02
Van Eck Global United States 25.00
Geode Capital Holdings United States 24.95
Franklin Resources United States 23.27
Research Affiliates United States 21.53
Royal Bank of Canada Canada 13.40
Raiffeisen Bank International Austria 19.76
Caisse de Dépôt et Placement du Québec (CDPQ) Canada 19.40
Aviva United Kingdom 19.18
Algemeen Burgerlijk Pensioenfonds (ABP) Netherlands 19.05
Grantham Mayo Van Otterloo & Co United States 17.04
Prosperity Capital Management United Kingdom 16.12
Dimensional Fund Advisors United States 15.10
Baillie Gifford United Kingdom 14.89
RWM Capital Russia 13.35
Trinfico Russia 12.57
HSBC United Kingdom 11.60
Deutsche Bank Germany 11.57
Mirae Asset Financial Group South Korea 11.15
Victory Capital United States 11.12
First Trust Advisors United States 10.71
Prudential Financial (US) United States 9.71
NN Group Netherlands 9.26
Renaissance Technologies United States 9.23
Aton LLC Russia 9.02
Power Financial Corporation Canada 8.82
Sjunde AP-fonden (AP-7) Sweden 8.61
National Pension Service South Korea 8.26
Polunin Capital Partners United Kingdom 7.92
UBS Switzerland 7.88
Mercer Global Advisors United States 7.71
Northern Trust United States 7.57
OP Financial Group Finland 7.54
Credit Suisse Switzerland 7.34
Skandinaviska Enskilda Banken Sweden 7.02
Otkritie Bank Russia 6.95
Invesco United States 6.91
Goldman Sachs United States 6.79
Russian Agricultural Bank Russia 6.65
Pension Fund Association for Local Government Officials Japan 6.39
Toronto-Dominion Bank Canada 6.21
Kapital Asset Management Russia 6.00
Intesa Sanpaolo Italy 5.43
Bessemer Trust United States 5.04
Gruppo Veneto Banca Italy 4.87
Eaton Vance United States 4.52
Nordea Finland 4.26
Cambria Investment Management United States 4.20
Legal & General United Kingdom 4.07
Fiera Capital Canada 4.04
TKB Investment Partners Russia 4.01
Pacific Investments United Kingdom 3.98
BKS Asset Management Russia 3.45
DZ Bank Germany 3.22
United Services Automobile Association United States 3.22
Deka Group Germany 2.96
Allianz Germany 2.87
Voya Financial United States 2.81
Region Investment Company Russia 2.66
Kiwoom Asset Management South Korea 2.66
FinEx Capital Management United Kingdom 2.65
Gazprombank Russia 2.55
Bank of New York Mellon United States 2.49
Arsagera Asset Management Russia 2.32
Erste Group Austria 2.30
TA Associates United States 2.23
Florida State Board of Administration (FSBA) United States 2.20
Pensioenfonds Detailhandel Netherlands 2.06
SEI United States 2.00
GN Group Liechtenstein 1.86
Marshall Wace United Kingdom 1.85
Metagestión Spain 1.85
BCS Wealth Management United States 1.82
Evli Bank Finland 1.80
Lazard Bermuda 1.59
Los Angeles Capital United States 1.58
BMO Financial Group Canada 1.56
Första AP-Fonden (AP-1) Sweden 1.47
Jupiter Fund Management United Kingdom 1.46
WCM Investment Management United States 1.45
Schroders United Kingdom 1.30
Banque Degroof Petercam Belgium 1.30
Thrivent Financial United States 1.23
UK Transfingrup Russia 1.12
British Columbia Investment Management Canada 1.07
Scotiabank Canada 1.04
M&G United Kingdom 1.02
Lemanik Switzerland 0.90
Aprel Kapital Russia 0.88
Brookfield Asset Management Canada 0.88
Fonds de Compensation Luxembourg 0.87
Nomura Japan 0.83
Valartis Group Switzerland 0.82
Driehaus Capital Holdings United States 0.79
Danske Bank Denmark 0.77
Mediobanca Banca di Credito Finanziario Italy 0.75
Polar Capital Holdings United Kingdom 0.72
Lincoln National Corporation United States 0.68
Probus Group Switzerland 0.68
Assenagon Luxembourg 0.65
Federation of National Public Service Personnel Mutual Aid Associations Japan 0.61
LocalTapiola Group Finland 0.58
Man Group United Kingdom 0.58
Japan Police Personnel Mutual Aid Association Japan 0.57
Tredje AP-Fonden (AP-3) Sweden 0.56
Riverfront Investment Group United States 0.55
Mitsubishi UFJ Financial Japan 0.53
Orix Corporation Japan 0.51
DOHOD Asset Management Company Russia 0.51
Principal Vermögensverwaltung Liechtenstein 0.50
Bedrijfstakpensioenfonds voor de Bouwnijverheid (BpfBOUW) Netherlands 0.47
Connor, Clark & Lunn Financial Group Canada 0.45
Severo-Zapadnaya Russia 0.40
Dodge & Cox United States 0.40
U.S. Global Investors United States 0.39
Envestnet United States 0.36
O'Shaughnessy Asset Management United States 0.35
Aricapital Asset Russia 0.34
Rayliant Global Advisors United Kingdom 0.32
Abrdn United Kingdom 0.32
SOLID Management Russia 0.31
Peterburg Invest Russia 0.30
Arrow Investment Advisors United States 0.30
Citadel United States 0.28
Engineers Gate Manager United States 0.25
Invest Management Center UK Russia 0.25
Maj Invest Holding Denmark 0.24
Sydbank Denmark 0.24
Thoma Bravo United States 0.24
Artisan Partners United States 0.24
DNB Norway 0.22
Trustus Capital Management Netherlands 0.21
Millennium Management United States 0.21
Aegon Netherlands 0.21
Margetts United Kingdom 0.20
Pacific Century Group Hong Kong 0.19
Ando Securities Japan 0.19
Caxton Associates United States 0.19
AcomeA Italy 0.18
HAC VermögensManagement Germany 0.15
Vident Financial United States 0.15
ABN Amro Netherlands 0.14
Wells Fargo United States 0.14
Daiwa Securities Japan 0.14
Federated Investors United States 0.13
CIBC Canada 0.12
GAM Holding Switzerland 0.11
M.M. Warburg & Co. Germany 0.10
Ingosstrakh Russia 0.09
Desjardins Group Canada 0.09
Upravlyayushaja Kompanija Russia 0.09
SIG Susquehanna United States 0.09
Schonfeld United States 0.08
BFC Fund Management Liechtenstein 0.08
Pacer Advisors United States 0.08
Ritholtz Wealth Management United States 0.08
New York Life Insurance United States 0.08
Prudential Plc United Kingdom 0.08
Trigon Capital Estonia 0.07
Macif France 0.07
Barclays United Kingdom 0.07
Metropol Group Russia 0.06
IST Investmentstiftung Switzerland 0.06
Mason Capital Partners United States 0.06
Invest-Ural Russia 0.06
AK Bars Russia 0.06
Finlabo Italy 0.05
Agidel Management Russia 0.05
American Century Investments United States 0.05
QBF Asset Management Russia 0.05
Boston Private United States 0.05
Intrua Financial United States 0.04
OLMA-FINANCE Management Company Russia 0.04
Solid Investment Financial Russia 0.04
Wolverine Trading United States 0.04
Hightower Advisors United States 0.04
Mercury Capital Trust Russia 0.04
Leader Management Company Russia 0.04
Morgan Stanley United States 0.03
Two Sigma Investments United States 0.03
HDI Germany 0.03
Gesiuris Asset Management Spain 0.03
Principal Financial Group United States 0.03
Simplex Trading United States 0.03
Virtu Financial United States 0.03
China Investment Corporation China 0.03
MassMutual Financial United States 0.03
Comerica United States 0.02
Legg Mason United States 0.02
FINAM Russia 0.02
Ronin Partners Russia 0.02
Bank of America United States 0.02
Cutler Group United States 0.01
Gold Coin Invest Switzerland 0.01
Krasny Most Russia 0.01
American Century Companies United States 0.00
Wellington Management United States 0.00
Alltek IF Russia 0.00
UniCredit Italy 0.00
Tower Research Capital United States 0.00
Fidelity Investments United States 0.00
Total 4,393.71

Banks Financing Coal



Loans & underwriting per financial institution (2019 – November 2021, in US$ mln)

Financial data on the following Russian Global Coal Exit List companies was found:

En+ Group MKPAO, JSC SUEK Group, Sibanthracite Group, Severstal' PAO, Ogk-2 Pao, Federal Hydro-Generating Company RusHydro PAO, Ugleprominvest Group


Bank Financing Coal Country Loans Underwriting Total
Sberbank Russia 2,078 487 2,565
VTB Group Russia 416 422 838
Gazprombank Russia 202 634 836
Commerzbank Germany 435 28 462
Société Générale France 295 153 448
Alfa-Bank Russia 160 183 343
Russian Regional Development Bank Russia 305 305
Credit Suisse Switzerland 275 275
Intesa Sanpaolo Italy 251 251
Bank of China China 200 28 228
Otkritie Bank Russia 224 224
UniCredit Italy 215 215
ING Group Netherlands 215 215
Credit Bank of Moscow Russia 52 145 197
Crédit Agricole France 160 160
Groupe BPCE France 160 160
Deutsche Bank Germany 160 160
Region Investment Company Russia 119 119
Russian Agricultural Bank Russia 80 80
Industrial and Commercial Bank of China China 76 76
Raiffeisen Banking Group Austria 67 67
Bank Zenit Russia 60 60
JPMorgan Chase United States 59 59
Sovcombank Russia 54 54
Bank Saint Petersburg Russia 52 52
RCB Bank Cyprus 50 50
Citigroup United States 28 28
Renaissance Group Russia 28 28
Bank of America United States 28 28
Total 5,883 2,699 8,583

This data is derived from financial research conducted by the not-for-profit institute Profundo. This research was based on urgewald’s Global Coal Exit List (GCEL) and Global Oil & Gas Exit List (GOGEL) and corresponding methodology.

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