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21 Dec 2022

B4Ukraine Coalition

Letter to JP Morgan Chase regarding its ongoing operations in Russia

...We request an urgent dialogue regarding potential inconsistencies between JPMorgan Chase & Co.’s (JPMorgan) stated policies on Russian aggression and human rights more broadly and the company’s ongoing business operations and relationships in Russia that may contribute to, or be linked with, human rights harms...

As of June 30, 2022, the company disclosed that its exposure to Russia was approximately $600 million, supporting the contention that JPMorgan has failed to fully unwind its business in Russia as promised. By August 30, 2022, JPMorgan Russian Securities plc maintained more than $16 million worth of assets, including shares of sanctioned Russian entities such as Gazprom, Rosneft, Lukoil, and Sberbank...

We seek to understand how JPMorgan has conducted and continues to conduct heightened HRDD, per its stated policy and the UNGPs, and how the findings of such a process has resulted in these continued business activities and relationships...