This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Tatneft is a major Russian integrated oil and gas company, ranking 42nd in global oil production. Its total reported Scope 1, 2, and 3 emissions are approximately 2,062 million tonnes CO2e, placing it among the highest-emitting companies in its sector. While the company discloses emissions data and participates in the CDP rating, its core business remains heavily reliant on fossil fuel extraction and processing. Its reported climate initiatives, such as a CO2 injection project for enhanced oil recovery and a registered solar power project in Uzbekistan, represent a minor scale relative to its overall emissions footprint; the solar initiative, for example, projects an annual reduction of only approximately 206 tonnes of CO2e.
Tatneft is a major integrated Russian oil company, deriving the vast majority of its revenue from the exploration, production, and refining of crude oil. Its operations are concentrated in the Republic of Tatarstan. The company has been linked to significant environmental damage, including a major pipeline spill in 2023 that released an estimated 100 tons of oil into the Vyatka River in Russia's Kirov Oblast, contaminating local water sources. Historical reports from environmental groups and Russian media have documented repeated spills from Tatneft's aging infrastructure, leading to soil and groundwater contamination in the Tatarstan region. While the primary exclusion grounds are its fossil fuel business model, this record captures the direct ecological harm from its operational negligence.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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