Statement of Nefco – The Nordic Green Bank regarding Russian invasion of Ukraine

Board resolution
9 March 2022

Nefco stands with Ukraine

We strongly condemn the brutal, illegal and unprovoked Russian invasion of Ukraine that continues to cause suffering beyond belief.

Our thoughts are with our staff in Ukraine, our clients, partners and all the people of Ukraine who experience horrific attacks by Russian armed forces.

Nefco has a long history of financing environmental and climate-related projects positively impacting communities and people in Eastern Europe. Ukraine is the most important country of operation for Nefco and we have a large number of green projects in both the private and public sectors.

Our main priority now is the safety and wellbeing of our staff and their families. We will support our clients, partners and project activities in Ukraine as best as we can.

We stand with Ukraine!

Regarding our activities in Russia and Belarus

Following the brutal, illegal and unprovoked ongoing Russian invasion of Ukraine, supported by Belarus, we cease all our activities in Russia and Belarus immediately. It is entirely against our values to work in countries that blatantly violate international law and engage in war to destroy another country.

Nefco has worked in North-West Russia for many years on wastewater projects, energy efficiency, sustainable use of resources, pollution mitigation and environmental “hot spots” mitigation.

We now stop all ongoing project and financing activities and withdraw from all existing trust fund engagements and assignments in Russia and Belarus.

For further information, please contact:

Trond Moe, Managing Director, Nefco, +358 50 3290860

Josefin Hoviniemi, VP Communications, Nefco, +358 50 4646995

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