Reuters: The European Central Bank wants to force UniCredit to exit the Russian market

Author:
Olha Bereziuk
Date:

The European Central Bank (ECB) is ready to order the Italian bank UniCredit to radically reduce its business with Russia.

Two sources told Reuters about this.

The requirements for the second largest European bank in Russia will be similar to the requirements of the ECB for the Austrian Raiffeisen Bank International, the largest Western bank operating in the country.

Raiffeisen Bank International stated the day before that the ECB wants the bank to reduce its lending and payments in Russia within the established terms.

After months of discussions, the ECB intends to issue a legally binding order to UniCredit. This is the penultimate step before the ECB can impose sanctions such as fines.

The ECBʼs official warning to UniCredit will give the bank the last chance to prevent the foreclosure procedure from the supervisory authority.