In the OP, the West’s largest bank was accused of war crimes

Oil cooperation between JPMorgan, HSBC, Citigroup and Crédit Agricole in Russia is prolonging the war against Ukraine, Ustenko said.

Ukraine has demanded that the leaders of the largest Western banks stop cooperating with Russia in the oil sector. According to the Financial Times, at least four banks received such letters this week: JPMorgan, HSBC, Citigroup and Crédit Agricole.

Kyiv accused them of war crimes, threatened them with an International Criminal Court (ICC) and promised to avoid funding Ukraine’s future reconstruction.

The letters were sent by Oleg Ustenko, adviser to the President of Ukraine on economic issues. They contain a request to stop cooperating with Russian oil -related companies, as well as the sale of shares to Russian oil and gas companies.

HSBC and Credit Agricole own shares in Russian state-owned companies Gazprom and Rosneft, provide loans to Lukoil and Vitol, which trade in Russian oil. JPMorgan provides loans to Vitol, and its investment fund holds shares in Gazprom, Rosneft and Sberbank.

Ustenko accused the banks of dragging on Russia’s war against Ukraine.

The letter also criticized JPMorgan’s forecast, in which experts warned of the risk of rising oil prices to $ 380 per barrel if the ceiling on Russia’s energy price is set. The official believes this information “provokes fear” and is based on “poor quality analysis.”

An adviser to the President of Ukraine told Britain’s Financial Times newspaper that the Ministry of Justice intends to file lawsuits against banks at the ICC after the end of the Russian war against Ukraine.

According to him, Ukrainian special services collect information about the support of Russia’s oil and gas industry by financial corporations.

“From my perspective, they are committing war crimes because they are helping the Putin regime in a special way and supporting the regime,” Ustenko said.

JPMorgan, in response to an inquiry from the FT, said it was playing an active role in the application of anti-Russian sanctions. Citigroup and Credit Agricole reiterated statements about reducing activities in Russia, HSBC declined to comment.

After the start of military operations in Ukraine in Russia, almost all owners of foreign banks thought to sell their assets. JP Morgan Chase, Goldman Sachs, Deutsche Bank announced plans to leave the Russian market.

But in four months, only two transactions have reached the final – the sale of control to Russian residents in Rosbank and HKF -bank. However, the other day, on July 15, foreign banks were banned from selling Russian subsidiaries.

Earlier it was reported that the European Union has disconnected Russia’s largest banks from SWIFT, including Sberbank.

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