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Since Crimea Invasion, Investment Banks Raised $196 Billion for Russian Companies: ESG Policies?

March 15, 2022


Since 2014, eight years after when the Russian government seized Ukrainian sovereign territory in Crimea, over $196 billion dollars was raised for the companies in Russia’s largest equity index. The Bloomberg’s Russia Large & Mid Cap Price Return Index covers 85% of the market capitalization of the Russian market.


The top 20 banks raised $176.5 billion dollars. Many of these banks have strong ESG commitments.

More than 26% - or $51.2 billion – of deal flow over the past eight years is by banks, highlighted in bold, who are both publicly-traded and report they have Human Rights Policies. Questions are:

  • Did these banks implement their ESG policies when raising this capital for these Russian companies?

  • Did these bank change how they implemented their ESG policies leading to improved deal flow screening as a result of the Russian government’s invasion of Crimea, Ukraine eight years ago?

  • How will these banks update their ESG policies to improve their deal flow screening as a result of the Russian government’s war of choice?

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