UniCredit working to avoid nationalisation of Russian unit, CEO says
UniCredit CEO Andrea Orcel said the bank is striving to balance compliance with Western sanctions against Russia while also preventing any actions that could trigger Moscow’s seizure of its local unit.
Speaking at the European Central Bank Forum on Bank Supervision, Orcel described the challenge as immense, noting that fully adhering to sanctions required a “galactic effort,” News.Az reports, citing Reuters.
“Trying not to breach Western sanctions on Russia requires enormous resources, and nobody can be entirely certain of full compliance,” he said.
UniCredit (CRDI.MI) is one of the few major European banks still maintaining a presence in Russia, though it has significantly reduced its exposure since Moscow’s 2022 invasion of Ukraine. The Italian lender has been under pressure from regulators to ensure that its operations do not violate sanctions while it seeks a way to eventually exit the Russian market without provoking state retaliation.
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