The Fair Finance Guide organisation said that of the nine banks it reviewed, only three have zero-tolerance policies in relation to economic dealings involving nuclear weapons.
One bank highlighted by the organisation, Nordea, was placed in a ‘grey zone’. The bank has publicly expressed zero tolerance towards nuclear weapons in asset management and foundations, but does not have any lending policies with regard to nuclear weapons, according to Fair Finance Guide.
Nordea has business agreements with Russian state nuclear energy company Rosatom, which also manages the country’s nuclear weapons programme, according to a report by Svenska Dagbladet.
The Swedish bank has had a “strategic partnership” with Rosatom for several years, according to the newspaper.
Nordea maintains that it only finances the company’s nuclear energy activities.
“Nevertheless, this is enough to demonstrate support for the nuclear weapons arm of Rosatom, given that profits from the energy business are used to support its weapons industry,” Fair Finance Guide project leader Jakob König said in a press statement.
The organisation states on its website that it aims to improve the corporate social responsibility of banks.
Nordea sustainability manager Sasja Beslik rejected criticism of the bank.
“The conclusion is incorrect. We do not finance – either directly or indirectly – any nuclear weapons production anywhere in the world,” Beslik said.