Once the war ends, Ukraine plans to sue major financial institutions over their investments in Russian oil, Oleg Ustenko wrote in a letter this week.
However, months later, some Western financial institutions still have ties to Russian oil companies. Ustenko, in an interview with thepublished on Friday, said these companies are"prolonging" the war by providing credit to these companies, which have been targeted by Western sanctions.
JPMorgan was among the companies Oleg Ustenko, economic adviser to Ukrainian President Volodymyr Zelensky, accused of “war crimes” over ties to the Russian economy. Above, the JPMorgan offices are seen in March 2018 in New York City.
Ustenko named specific issues with each company that is viewed as problematic by Ukrainian authorities. He pointed to HSBC's shares in Gazprom and Rosneft, Citigroup allegedly providing credit facilities to Lukoil and Vitol, and JPMorgan allegedly extending credit lines to Vitol, theHe also accused JPMorgan analysts of"scaremongering" for publishing a report arguing that imposing a price cap on Russian oil could cause global oil prices to climb to $380 per barrel.
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