UK and US banks among biggest backers of Russian ‘carbon bomb’ projects

Hundreds of financial institutions funding projects capable of emitting more than a gigaton of carbon dioxide, research finds

Russian oil refineries are receiving huge sums in foreign support (AFP via Getty Images)

British and American banks have been among leading investors in Russian “carbon bomb” projects that emit vast amounts of damaging greenhouse gases, according to a new database.

At least 400 foreign financial institutions have provided billions of pounds of support to Russian firms set to extract fossil fuels for burning, figures show.

Ukrainian campaigners said they must halt their investments to curb funding of both Russia’s war on Ukraine and climate breakdown.