Skip to content
Edit post

Reuters: Italy's UniCredit expecting push from ECB to reduce business in Russia

by Nate Ostiller April 19, 2024 6:02 PM 1 min read
The Unicredit Tower skyscraper, where Italy's biggest bank UniCredit is headquartered, is pictured in the Porta Nuova district of Milan on July 9, 2019. (Miguel Medina/AFP via Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

Italy's UniCredit bank is expecting an order from the European Central Bank (ECB) to reduce its business activities in Russia, Reuters reported on April 19, citing sources.

The news follows a similar warning received by Austria's Raiffeisen Bank International (RBI) on April 18 that the ECB was requesting an accelerated wind-down of its business in Russia.

The moves are part of a larger effort to restrict financial ties between European banking institutions and Russia.

Sources told Reuters that UniCredit is expecting to receive a legally binding order from the ECB to reduce its business in Russia, giving the company an opportunity to take action on its own before further enforcement steps are taken, which could potentially include sanctions.

Reuters said neither the ECB nor UniCredit responded to requests for comment.

Despite statements from UniCredit's CEO that the company was working to scale down its Russian operations, the bank's Russian subsidiary reported profits totaling 890 million euros (~$950 million) in 2023, compared to 210 million ($224 million) in 2021.

Raiffeisen expects push from ECB to cut back on activities in Russia
Austria’s Raiffeisen Bank International (RBI) said on April 18 that it expects a request by European regulators to accelerate the wind-down of business in Russia.
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

3:45 PM

Moldova, EU sign pact on security, defense.

"It (partnership) will allow to jointly address common security challenges, make our engagement more effective and explore new areas of cooperation," European Union's top diplomat Josep Borrell said.
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
9:24 AM

Russian delegation arrives in North Korea.

According to U.S. Secretary of State Antony Blinken, these military ties are increasingly a "two-way street," in which North Korea provides Russia with military equipment to use in Ukraine.
8:33 AM

German FM in Kyiv: Germany's air defense initiative collects close to 1 billion euros.

Upon her arrival, Baerbock underscored Ukraine's need for air defenses to help repel Russian aerial attacks. "That's why, together with Defense Minister (Boris) Pistorius, I launched a global initiative for more air defense. Almost a billion euros have now been raised to provide additional support for the Ukrainian air defense forces, and we are working intensively to ensure that there is even more," she said.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.