HSBC accused of breaking EU sanctions rules by co-financing Vietnam coal plant

HSBC might be breaking European Union rules on working with Russian banks by funding a new 1,200 megawatt coal-fired power station in Vietnam. The bank, which recently announced a US$100 billion fund to fight climate change, denies this.

HSBC image

By working with a Russian bank, HSBC is in breach of sanctions put into place by the EU after Russia annexed Crimea from Ukraine in 2014, Market Forces has claimed. Image: HSBC

By Robin Hicks 

eco-business_HSBC, one of the world’s largest financial services groups, may have broken European Union (EU) sanctions regulations by working with a Russian bank on the financing of a new coal-fired power plant in Vietnam, according to an investigation by Market Forces, an environmental group that campaigns against the funding of fossil fuel power projects.

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