ING, Rabobank investments in Russian coal firm “appalling”: bank watchdog

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Bank watchdog accuses ING and Rabobank of investing in Russian coal firm SUEK, 24 Apr 2016 (Photo: Eerlijke Bankwijzer). (Bank watchdog accuses ING and Rabobank of investing in Russian coal firm SUEK, 24 Apr 2016 (Photo: Eerlijke Bankwijzer))

Dutch banks ING and Rabobank jointly invested 218.6 million euros in Russian coal firm SUEK in February of this year, according to bank watchdog Eerlijke Banwijzer. The watchdog finds the investments "appalling" and calls on both banks to stop investing in coal producers.

The watchdog writes that this investment goes against ING's promise in November last year to invest less in coal. And for Rabobank, the investment is not consistent with the bank's image of a leader in the field of renewable energy.

SUEK is the largest coal firm in Russia. A consortium of 10 banks, including ING and Rabobank, invested 1.4 billion euros into the coal firm.

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