As the IMF and World Bank meetings begin this week in Washington, Ukrainian climate and peace campaign group Razom We Stand calls on public finance and world leaders to end all indirect or direct support for oil and gas exports. They must speed up the renewable energy transition for a better world, with energy affordability and security for all.
Since the start of its full-scale invasion of Ukraine, Russia has earned over €860 billion from fossil fuel exports—a financial lifeline that fuels its war machine. In March 2025 alone, we saw 164 Ukrainians killed and 910 injured, as well as a 50 per cent spike in civilian casualties from the previous month. Public finance institutions—including multilateral development banks—must stop disregarding how global energy flows enable petro-dictators.
A recent op-ed by World Bank President Ajay Banga outlined the Bank’s development priorities—but made no mention of climate or fossil fuels. This glaring lack of interest was spotlighted in a recent report by Recourse that found that the World Bank is moving very slowly on a just energy transition to renewables, with only one third of investments in sustainable renewable energy, a quarter still supporting fossil fuel expansion, and a rise in “false solutions” which prolong fossil fuel reliance (such as large hydro power, waste to energy, carbon markets and hydrogen).
Dr. Svitlana Romanko, Founder and Executive Director of Razom We Stand, said: “We are in the third year of this war, and much of the money for funding the missiles and drones raining down on Ukraine continues to come from Russian fossil fuel sales. Every dollar that flows into fossil fuel infrastructure, especially LNG, extends the global dependence on these outdated sources of energy. Public finance must serve peace, not prolong destruction. Ukraine is living proof that energy independence is about more than profits; it is about survival. As Russia continues to rain bombs down on our country, we are working together with international funders to build solar panels and wind turbines for energy security. But we need more than just words of support; we need more international finance that supports clean energy and peace. ”
Razom We Stand is deeply concerned by the continued absence of clear commitments to phase out fossil fuels, especially in contexts like Ukraine, where Russian energy export profits are being used to wage war. The World Bank and IMF need to invest in renewable energy and replace fossil fuels for the benefit of our planet and to stop petro-dictators like Putin from waging war with profits from oil and gas.
In every catastrophe, an opportunity can be found, like investing in Ukraine’s renewable energy revolution that can strengthen global leadership in the clean energy transition, create new economic opportunities, and help mitigate the worst impacts of climate change. Together, we can build a resilient renewable energy system that weakens Russia’s influence and strengthens global energy security.
Razom We Stand urges decision-makers this week to take bold, coordinated steps to uphold peace, justice, and climate security. There is no peace without energy freedom, and no energy freedom while the world remains addicted to dirty fossil fuels that fuel war and destruction.
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Razom We Stand is a Ukrainian campaign group active internationally. It calls for a total and permanent embargo on Russian fossil fuels and an immediate end to all investment in Russian oil and gas companies by phasing out fossil fuels globally. Svitlana Romanko has appeared in the top-tier international press, including Bloomberg, Washington Post, CNN, NBC, Newsweek, Politico, The Hill, Rolling Stone, Financial Times, The Guardian, Der Spiegel, Le Monde and more.
