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

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.

The Kyiv IndependentMartin Fornusek