BankTrack News
Campaigners block $5 billion in financing for Sakhalin II
2008 |
BankTrack
2008 |
BankTrack
NGOs led by Pacific Environment succeeded in blocking $5 billion of an estimated $7 billion in financing for Sakhalin II, as the principal public financiers of the project pulled out. Between 2007 and 2008, the EBRD, UK Export Credit Guarantee Department (ECGD) and the US Export-Import Bank all withdrew finance from the project due to its environmental impacts. There was hope that the private banks would follow suit, despite efforts from Accountability Counsel, Pacific Environment and others in filing a complaint to the UK OECD National Contact Point against UK banks involved in financing the project, the project is now operational and continues to harm local local communities.
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