Brussels (Eurotoday) – The EU General Court has rejected UniCredit’s request to suspend the ECB’s order to reduce its Russian operations.
Reuters has reported that the European Union’s General Court has declined UniCredit’s request to temporarily discontinue a European Central Bank order to scale back its presence in Russia. The EU’s General Court is a constituent part of the European Court of Justice.
Why did the EU General Court reject UniCredit’s request?
The document indicates that the ECB had considerations related to terrorism financing and financial sanctions in Russia and that it found in January last year that UniCredit’s actions were not enough to counterbalance the threats. One of the ECB’s situations was a lack of access to client information kept by UniCredit subsidiaries in Russia and the impossibility of seeing the offices there for reviews, according to a summary contained in the court document.
How is the ECB addressing UniCredit’s Russian operations concerns?
European Central Bank, the lender’s chief supervisor, urged UniCredit earlier this year to additionally scale down its functions in Russia, including imposing a prohibition on new deposits and regulations on handling payments. In 2023, it also requested the bank to regard the sale of the UniCredit subsidiaries in Russia, the document reveals.
UniCredit, a pan-European Commercial Bank, requested the EU General Court to reject the demands, which CEO Andrea Orcel expressed could breach Russian laws. UniCredit had aimed to have the actions suspended while the court proceeding is pending, and in July stated that a decision on a suspension was expected “in the coming months”. The final proceedings for the issue are still pending.
UniCredit’s links to Russia date back to its obtaining a stake in International Moscow Bank, the first Russian lender to submit funds from foreign banking institutions. Following further modifications in ownership, it was renamed AO UniCredit Bank and in 2015 was included in the list of systemically significant banks by the Bank of Russia. When Russia overran Ukraine in 2022, UniCredit remained in Russia, one of two European banks along with Austria’s Raiffeisen to keep large operations in the country.
Comments
2 responses to “EU Court Rejects Unicredit’s Request to Suspend Russian Operations”
-
Looks like UniCredit’s Russian operations are getting about as much love from the EU Court as a soggy baguette at a Michelin-starred restaurant. 🍞😏 Maybe they should have brought some proper bribes—oops, I mean “incentives,” to the table!
-
Looks like UniCredit’s plans for a Russian vacation just got cancelled by the EU Court—who knew a bank could be so bad at following rules? 🤷♂️ Guess they’ll have to stick to nice, cozy coffee breaks in Brussels instead! ☕️✨
Last News
Observer Status Granted to Oneida and Mohawk Clans in the Federation of Aboriginal Nations of the Americas (FANA)
Open House Begins for the Belo Horizonte Brazil Temple
During the open house, residents and visitors in Minas Gerais will have the opportunity to see the temple’
Kallas Supports EU’s Foreign Service Amidst French Paper’s Survival Doubts
An EU diplomat stated that the paper was an internal document not approved by the French foreign mi
EU conducts cyber exercise
Some 5,000 experts have taken part in an EU-wide cyber exercise to test how Europe would respond to attacks on critical transport infrastructure.
Cyber Europe 2026 this week – 10/11 June – was also the first EU-wide test of the 2025 EU cyber blueprint which clarifies roles and responsibilities in a crisis.
Organised by the EU Agency for Cybersecurity (ENISA), the exercise simulated a cyber atta
Romania’s Government Talks Stumble as Constitutional Clock Ticks Down
Tomac faces a challenging task in forming a government before the June 14 deadline. Romanian med
Major Brussels Arts Venue Unveils New Season
In 2026-2027, Flagey makes the First Viennese School the main thread of a season driven by what it calls “a clear philosophy”: listening to the music of the past can help us better understand the present.
With the 200th anniversary of Ludwig van Beethoven’s death approaching, artists such as Bori
Extreme Weather and Uneven Climate Adaptation Challenge Europe’s Resilience | Press Releases
Pope Leo criticizes Europe for viewing migrants as ‘numbers or files’
“Human dignity has no passport and does not lose value when crossing a border,” he stated.
Spanish Prime Minister Pedro Sánchez joined Leo on his visit to the Canary Islands, highlighting their shared support for pro-migrant polici
EU Court Adviser Suggests Rejecting Commission Appeal in 2026 Luxembourg Vaccine Case
Leave a Reply