Clean Break: the company completely halting Russian engagements or exiting Russia
Leave Withdrawal
UniCredit is an international banking group headquartered in Milan. It is Italy's only systemically important bank and the world's 34th largest by assets.
Clean Break: the company completely halting Russian engagements or exiting Russia
Leave WithdrawalThe bank has 106 divisions in Russia and a representative office in Belarus, over 985 thousand individual clients and over 22.6 thousand corporate clients. Russian carmaker Avtovaz has completed the acquisition of RN Bank, a joint venture between Italian lender UniCredit and the Renault-Nissan-Mitsubishi Alliance. The Rushimalliance company (established by Gazprom and RusGazDobycha) sued UniCredit Bank and demanded to recover 45.7 billion rubles. Previously filed a lawsuit against the German banks Deutsche Bank and Commerzbank. The European Central Bank is poised to order Italy's UniCredit, opens new tab to cut back its business with Russia. UniCredit questions ECB's right to restrict its business in Russia. EU court rejects UniCredit's request to suspend ECB's Russian demands. Italian bank UniCredit, one of the last Western banks still operating in Russia, has stopped outgoing euro money transfers for individuals. Italy's UniCredit reported a rise in revenue last year from its Russian business, but said it had cut loans and deposits in the country and complied with the European Central Bank's demands for reductions. UniCredit could accelerate its exit from Russia if there is a breakthrough on the Ukraine war, its chief executive Andrea Orcel has said, with the Italian bank one of the few large western lenders to have remained in the country. Revenue decreased in 2024 vs 2023. The Lazio Administrative Court in Italy has allowed UniCredit to begin the process of taking over Banco PM. To do this, the credit institution is required to completely suspend all activities in Russia. The court found the Italian government's demand for UniCredit to leave Russia to be legitimate. Now the credit institution must wait for a new government decree. Banco PM, in turn, is waiting for clarification from UniCredit regarding the takeover process. UniCredit's Russian business net profit fell 22% in 2Q2025. UniCredit is continuing its push to exit Russia under pressure from the European Central Bank, which is demanding that the group accelerate the winding down of its business in the country, including by limiting deposits and transactions. The Russian subsidiary of Italian bank UniCredit has stopped accepting new corporate clients and is raising fees for services across its business, according to new tariff plans published on the bank's website. In the spring, companies from the United Arab Emirates approached the Italian Finance Ministry with a proposal to buy UniCredit's Russian assets at a significant discount, according to a document seen by Reuters.
Still operating in Russia. UniCredit is considering leaving the Russian Federation, but with the possibility of returning after the war - Bloomberg. UniCredit Bank, a subsidiary bank of the Italian group UniCredit, in 2022 increased its net profit according to the RAS by 4 times, to 56.5 billion rubles, according to the reporting of the credit organization. It is reported that at the moment two banks — Creditas and UniCredit Bank — have confirmed that they are canceling the accounts of Russian and Belarusian citizens. According to the representative of UniCredit Bank Petr Plotsek, the bank has long been applying special rules for opening and maintaining accounts for persons from outside the EU. He emphasized that such persons, both physical and legal, must prove a reliable and justified connection with the Czech Republic, although the bank does not publish these rules due to their nature. The Italian group Unicredit, which controls the second largest foreign bank in the Russian Federation, doubled its net profit year on year in the first quarter 2024. At the same time, the group is actively reducing its loan portfolio. The Arbitration Court of St. Petersburg and the Leningrad Region seized the Russian assets and accounts of UniCredit Bank JSC and UniCredit Bank AG (Munich) based on the claim of Ruskhimalliance, it follows from the court file. Assets worth €462.6 million were seized. A Russian court eased restrictions on UniCredit, allowing the Italian bank to offer Russian sovereign bonds as collateral instead of other assets and property. UniCredit's profit from Russia-related assets rose by 20% in the first half of 2024. Italy's UniCredit reported a rise in revenue last year from its Russian business, but said it had cut loans and deposits in the country and complied with the European Central Bank's demands for reductions. Three companies based in the United Arab Emirates have approached the Italian Treasury with a proposal to buy the Russian operations of UniCredit, opens new tab at a steep discount, a document seen by Reuters showed. UniCredit is under pressure both from the European Central Bank and Italy's government to quit Russia, where it runs a commercial lender. It has so far resisted leaving at a loss, insisting instead on a gradual disengagement. This month it targeted ending its Russian retail business by mid-2026.