NEFCO fully complies with the sanctions originally adopted in 2014 by the EU towards Russia. Our activities in Russia focus on small and medium-sized, cross-border environmental projects with people-to-people effect.
Activities that are sanctioned by the EU have not and cannot receive any financing from NEFCO, neither from NEFCO’s own equity nor from trust funds managed by NEFCO. All projects are implemented in a manner that fully comply with the sanctions.
Activities in Russia include projects financed by the Arctic Council Project Support Instrument (PSI), a fund dedicated to pollution mitigation and prevention projects in the Arctic region. Contributors are Russia, the US, Norway, Sweden, Finland, the Sami Parliament and NEFCO. NEFCO acts as fund manager, and works with consultants providing technical assistance such as translations, drafting of documents and monitoring. More about PSI >>
Another is the Programme for Environment and Climate Co-operation (PECC), co-funded by NEFCO and the Nordic Council of Ministers (NCM). These projects are part of cross-border cooperation between the Nordic countries and Northwest Russia. More about PECC >>