ING, Rabobank urged to come clean over millions of euros investment in Russian coal firm

ING and Rabobank have been urged by fair banking lobby group Eerlijke Bankwijzer to come clean over their millions of euros invested in Russian coal company SUEK in mid-February; each bank provided a €109.3m loan each to the Russian coal company. This move is despite a statement last year by ING that it planned to stop investing in coal, according to the watchdog.

Dutch banks ING and Rabobank have invested millions of euros in a Russian coal company, despite portraying their activities as ‘sustainable’, according to a new report by fair banking lobby group Eerlijke Bankwijzer.

The organisation, which is backed by Oxfam Novib and the FNV trade union among others, says the two banks gave a €218.6m loan to Russian coal giant SUEK in mid February – with both putting €109.3m into the deal.

Last year, ING said it planned to stop investing in coal. ‘This new investment counteracts that decision,’ the watchdog said. ‘The ink is barely dry on the Paris climate agreement and ING is putting €100m into one of the biggest coal firms in the world.’

The investment is also damaging to Rabobank’s claims to profile itself as a leader in sustainable energy generation, the lobby group said.

The organisation called on both banks to stop investing money in coal. Neither bank has yet commented on the claims.