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Administrator- Joined
- May 11, 2013
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(The Guardian) Ukraine could sue top US and EU banks over oil and gas trade with Russia that has effectively financed “war crimes”, the Financial Times reports (£).
The Ukrainian government has told US and European bank bosses, including JP Morgan Chase’s Jamie Dimon and HSBC’s Noel Quinn, to stop financing companies that trade Russian oil.
Oleg Ustenko, economic adviser to president Volodymyr Zelenskiy, accused the lenders of “war crimes”. He wrote to them this week asking them to cut ties with groups that trade Russian oil and sell shares in the state-backed oil and gas groups Gazprom and Rosneft.
In the letters, also sent to Citigroup and Crédit Agricole, banks were accused of “prolonging” the war by providing credit to companies that ship Russian oil, and were told they would be blocked from participating in the postwar reconstruction of Ukraine.
Ustenko said Ukraine’s ministry for justice intends to sue the banks at the International Criminal Court once the war ends, and that Ukraine’s security services were collecting information on financial institutions supporting Russian fossil fuels.
“In my view, they are committing war crimes because they are helping the Putin regime in this specific way,” he said, arguing that Russian oil and gas revenues fund the purchase of rockets and missiles used against Ukrainians. Although the ICC cannot investigate or prosecute governments or corporations, it can do so with individuals from those organisations.
The Ukrainian government is reportedly particularly angry with JP Morgan because the company published an analyst note warning that a price cap on Russian oil could drive global prices to a “stratospheric” $380 a barrel.
The Ukrainian government has told US and European bank bosses, including JP Morgan Chase’s Jamie Dimon and HSBC’s Noel Quinn, to stop financing companies that trade Russian oil.
Oleg Ustenko, economic adviser to president Volodymyr Zelenskiy, accused the lenders of “war crimes”. He wrote to them this week asking them to cut ties with groups that trade Russian oil and sell shares in the state-backed oil and gas groups Gazprom and Rosneft.
In the letters, also sent to Citigroup and Crédit Agricole, banks were accused of “prolonging” the war by providing credit to companies that ship Russian oil, and were told they would be blocked from participating in the postwar reconstruction of Ukraine.
Ustenko said Ukraine’s ministry for justice intends to sue the banks at the International Criminal Court once the war ends, and that Ukraine’s security services were collecting information on financial institutions supporting Russian fossil fuels.
“In my view, they are committing war crimes because they are helping the Putin regime in this specific way,” he said, arguing that Russian oil and gas revenues fund the purchase of rockets and missiles used against Ukrainians. Although the ICC cannot investigate or prosecute governments or corporations, it can do so with individuals from those organisations.
The Ukrainian government is reportedly particularly angry with JP Morgan because the company published an analyst note warning that a price cap on Russian oil could drive global prices to a “stratospheric” $380 a barrel.
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