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16 May 2022

Global Witness

BlackRock, Vanguard still holding shares of Russian fossil shipping giant, investigation reveals

BlackRock, Vanguard still holding shares of Russian fossil shipping giant, 16 May 2022

...PAO Sovcomflot is Russia’s largest shipping company. Its fleet of over 130 ships, from hulking vessels capable of cracking through two metres of ice to tankers hauling millions of barrels of oil, serve only the fossil fuel industry. Many of its vessels, such as the Lomonosov Prospect, are chartered by oil and gas companies, and commodity traders, to move the fuels that are funding Russia’s war against Ukraine...

Shareholding information accessed via financial data provider Refinitiv on April 12 shows that the some of the world’s largest asset managers remained among the owners of the publicly traded portion of Sovcomflot. These include BlackRock, the world’s largest asset manager, which is facing sustained criticism over its role in driving the climate crisis by investing in fossil fuels and deforestation industries. The Vanguard Group, Inc., one of the biggest investors in fossil fuels in the world, is another shareholder...