UniCredit says progress made so far to shrink its Russia business showed it was ‘fully aligned with ECB on the importance of reducing its presence in Russia’
UniCredit said on Monday it was challenging the terms set by the ECB for the Italian bank to cut its exposure to Russia , and seeking a ruling from the EU’s General Court, as well as a freezing of the request in the meantime.have come under growing pressure in recent weeks from the bloc’s supervisors, as well as U.S. authorities, over their ties to the country.
Italy’s Foreign Minister Antonio Tajani welcomed the complaint, saying he shared the need for clarity. UniCredit said that progress made so far to shrink its Russia business showed it was “fully aligned with ECB on the importance of reducing its presence in Russia.”
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