Citigroup: Stop Fueling war & killing the planet

CEO Jane Fraser and Board of Directors

While the devastating impact of fossil fuels on our environment is well known, it is becoming increasingly clear, an investment in Russia’s oil and gas sector, which generates 40% of the country’s federal revenue and 60% of its exports, is an investment in Vladimir Putin’s war machine and his aggressions against Ukraine.

Citigroup holds over 30% of Lukoil -- the second-largest producer of crude oil in Russia and the country’s second-largest company. In fact, Citigroup’s exposure in the Russian economy is the largest of all U.S. banks— $10 billion.

Reliance on fossil fuels has also driven the most unjust and disastrous US foreign policy in recent decades. From Iraq to Ukraine-- every dollar invested in fossil fuels is an investment in the erosion of democracy and the destruction of the planet.

Sign our letter demanding that Citigroup divest from all fossil fuels.

To: CEO Jane Fraser and Board of Directors
From: [Your Name]

For the future of democracy and the planet, we demand an immediate phase-out of lending to the fossil fuel industry. This means new voluntary fossil fuel exclusion policies and stricter net-zero commitments.

It is a well-known fact that a transition from fossil fuels toward renewable energy sources is essential to avert climate catastrophe. Still, Citigroup continues to heavily invest in the destruction of the planet.

In addition, Citigroup is listed as the depositary bank for Lukoil's American Depository Receipt programs and holds over 30% of Lukoil’s shares outstanding. Lukoil is the second-largest producer of crude oil in Russia, and it is the country’s second-largest company. In fact, Citigroup’s total exposure to the Russian economy is $10 billion, the largest of all U.S. banks.

It is becoming increasingly clear, an investment in Russia’s oil and gas sector, which generates 40% of the country’s federal revenue and 60% of its exports, is an investment in Vladimir Putin’s war machine and his aggressions against Ukraine -- as well as an investment in environmental destruction.

Reliance on fossil fuels has also led to some of the most unjust US foreign policies in recent decades.

Citigroup should immediately divest from fossil fuels for the good of the planet and the future of democracy.