Ukraine President Volodymyr Zelensky has been picking out his targets as the war with Russia grinds on. The Zelensky administration's latest targets are western banks such as JPMorgan, HSBC and Citigroup. The Ukraine president's top adviser has said actions by these banks have helped Russia financially.
Ukraine claims these Western institutions help Russia prolong the war as they are providing credit to some Russian companies that are key income sources for Moscow.
Zelensky's Economic Adviser Wrote Letter To JPMorgan and HSBC
Oleg Ustenko, the Economic adviser to Ukrainian President Volodymyr Zelensky, told Financial Times that he wrote letters to Jamie Dimon and Noel Quinn, CEOs of JPMorgan and HSBC respectively, urging them to stop financing companies that trade Russian oil and to sell their shares in Gazprom and Rosneft, which are Kremlin-supported oil companies.
The advisor also said that when the war is over, the country's Justice Ministry plans to sue these companies at the International Criminal Court as they are committing war crimes by helping Moscow financially at the time of war.
JPMorgan Also Accused of Scaremongering
JPMorgan analysts are also accused of scaremongering as they published a report which stated that global oil prices could climb to $380 per barrel if a price cap is imposed on Russian oil.
According to Newsweek, financial institutions were among the companies to announce plans to scale back operations in Russia after Putin launched the war. As they did so, Western governments announced they would issue sanctions against Russia, specifically targeting Russian oil, which experts have said continue to help Russia finance the war.
In an effort to stop benefitting Russia, in March HSBC had stated that it will not accept any new business or customers in Russia.
JPMorgan, in a statement to the Financial Times, noted its role in implementing Western sanctions on Russia. Citigroup also announced in March that it would be reducing operations in Russia, though the company noted it would "take time" to fully leave the country "due to the nature of banking and financial services operations."