From the Red Cross to EQT’s head of sustainability: “Industry with great power and influence”

Charlie Taylor

Green funds invest in Russian companies on the sanctions list

Funds classified as sustainable invest in Russian companies on the EU sanctions list. Some market themselves by taking extra great account of ethics, according to the Fair Finance Guide, which is behind the survey. “I think many customers are disappointed when they have chosen something that they perceive as green,” says project manager Jakob König.Published: March 3, 2022, 12:11 It is about investments in the Russian state-controlled banks Sberbank and VTB, which were put on the EU sanctions list after the invasion of Crimea in 2014. The sanctions mean that it is forbidden for companies within the EU to finance the companies in the long term. The fact that funds invest in companies does not mean that they violate the sanctions, but the holding is still problematic, says Jakob König. This applies especially to sustainable funds. ”It is a recurring problem that green funds do not live up to the commitments that savers receive when they choose the product. This shows once again that there are not enough criteria for something to be classified as sustainable “, he says. Although some funds have a stated policy of not investing in weapons and munitions, they do not exclude investments that directly or indirectly finance it . The same pitfall exists for fossil fuel companies. ”Banks are often included in sustainable funds, as they do not themselves account for large emissions, but there is a gap here. There are often criteria for fossil companies, but not for those who finance fossil companies. We need to introduce criteria for financial companies “, says Jakob König. The criticism in this case is that the Russian banks are assumed to finance the Russian military. Fair Finance Guide’s review is based on the funds’ holdings in the autumn of 2021. pension and fund companies announced that they will sell their holdings. These include Nordea, SPP, Länsförsäkringar and Öhmans. Handelsbanken has announced that they will reduce their holdings.

The green funds with sanctioned holdings

Must take extra account of sustainability and ethics:Handelsbanken Emerging Market Theme (Nordic Ecolabelled) Sberbank Handelsbanken Emerging Markets Index Criteria Handelsbanken Global Index Criteria Nordea 1 Emerging Stars Bond Fund Nordea 1 Emerging Stars Equity Fund Nordea 1 Emerging Stars Local Bond Fund Nordea Sustainability Fund Equities Global Nordea Sustainability Fund Balanced Nordea Sustainable Nordea Sustainable Sustainability Fund Growth SPP Emerging Markets Plus SPP Emerging Markets SRI Öhman Emerging Markets Other green funds:Nordea 1 Global Disruption Fund Nordea Generationsfond 60s Nordea Generationsfond 70sNordea Generationsfond 80s Nordea Generationsfond 90s Nordea Global Dividend Nordea Russia Nordea Growth Region Equity Nordea Growth Region Interest Handelsbanken EMEA Theme Swedbank Robur Russia Fund
Carnegie Russia Fund
East Capital Russia East Capital Multi-Strategy SPP Aktiefond Global SEB Östeuropafond SEB Eastern Europe Small and Mid Cap Fund Länsförsäkringar Tillväxtmarknad Aktiv Länsförsäkringar Tillväxtmarknad Indexnare Danske Invest Eastern Europe Danske Invest Emerging and Frontier Markets Danske Invest Global Emerging Markets Danske Invest Russia Danske Invest Emerging Markets Debt Hard Currency Source: Fair Finance Guide Lovisa Ternby


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