A pan-European commercial bank, UniCredit S.p.A (“UniCredit” or “UCI”) has claimed that it has made an application to the General Court of the European Union to obtain definitive legal clarification of the obligations set by the European Central Bank’s requirements to further reduce the risks associated with UniCredit’s activities in Russia, carried out by subsidiaries including UniCredit Bank Russia.
According to UniCredit, the bank wants clarity about obligations it must abide by reducing its presence in Russia following the invasion of Ukraine by Russia in February 2022.
“The unprecedented circumstances, the complexities inherent in the geo-political and economic scenario and the lack of a harmonized regulatory framework applicable to it and the potential for serious unintended consequences of implementing the decision that would impact not only the Russian subsidiaries but UniCredit S.p.A., compel the Board of Directors of UniCredit to seek for clarity,” the bank informed.
UniCredit S.P.A. noted that it had reduced business in Russia, but financial results approved an increase in its profit.
According to the results of the first quarter of 2024, UniCredt Bank Russia made a profit of 20.105 billion rubles (approximately 20 million euros). In 2023, this result was lower – only 15.538 billion rubles.
