UniCredit will wind up, rather than sell, its business in russia

This was reported on Friday by the russian newspaper *Kommersant*, citing anonymous sources.

The European Central Bank officially warned UniCredit about the risks associated with russia in April 2023, and a year later demanded that it scale back its operations.

Since then, UniCredit, which is also facing pressure on this issue from the Italian government, has been reducing its presence in russia.

Last year, it halved the volume of loans provided by its russian division to €600 million, although net profit rose to €814 million from €577 million in 2024.

CEO Andrea Orsel does not wish to exit the country at a loss, and the Bank of russia still lists UniCredit’s russian subsidiary as one of the country’s 12 ‘systemically important’ banks.

UniCredit was among russia’s 15 largest banks when Moscow launched the war in Ukraine in February 2022, which led to the West imposing sweeping sanctions against russia.

Source: Ekonomichna Pravda