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
Germany’s gas gamble puts Europe’s winter at risk
The European Commission, the EU’s executive body, stated there are no winter supply risks for the bloc. However, a report from energy analytics firm Rapi
The Ayoub Aïssiou Case: Caught Between Extradition and Allegations of Political Persecution
Spain Will Not Sacrifice Its Dignity for a Few Barrels of Oil
Since July 25, 2026, Ayoub Aïssiou has been held in a detention center in Barcelona, awaiting extradition to Algeria. He has committed no crime; rather, he is a political target of the Algerian regime due to his media activism and support for the democratic opposition.
A Peaceful Dissident, Victim of a Political Vendetta
EU Expands Russia Sanctions List by Adding 5 Individuals Following Ukraine Attacks
Although the press release does not specify any particular attack, Russia launched one of its deadliest assaults on the Ukrainian capital earl
Iceland Centers Fisheries in EU Referendum
Iceland’s debate over closer EU ties is focused on who controls the fish. Ahead of a referendum on August 29, the government insists that any future membership agreement must protect the country’s fisheries authority. The vote will decide whether n
Italy Declares Independence from Spain’s Border Check Directives
In its announcement, Rome stated it would maintain these controls “at least until August 15 and, in any case, until security and terrorism risks to Italy can be completely ruled out,&
After years of sanctions: Russia launched the MS-21 – the plane intended to replace Boeing and Airbus
/CROSS/ The MS-21, Russia’s latest passenger plane, has completed its maiden flight. This marks the first flight of a fully import-substituted serial aircraft, in the configuration that airlines will eventually receive. The delivery deadline is now set for 2027. Despite hurdles, Russia has developed an aircraft that is expected to serve for the next 30-40 years.
The MS-21’s first ful
Madrid Warns of Retaliation if Italy Maintains Border Controls on Spanish Travelers
Despite Italy being the EU country with the highest number of irregular crossings in recent years—sometimes double Spain̵
78 Arrests in Crackdown on Major Western Mediterranean Smuggling Network in Spain
Loading application.Please wait.
Related coverage: SOLACE: Improving lung cancer screening in Europe | Iceland Puts Fisheries at Heart of EU Referendum | EBA, EIOPA and ESMA call for enhanced governance and consistent supervision to mitigate ICT risks from frontier AI models in the EU financial sector
L’Europe souhaite se libérer de sa dépendance à Palantir
EU Rights Groups Alarmed by Freedom of Religion and Expression in South Korea
HRWF (07.08.2026) — Human Rights Without Frontiers (HRWF), in collaboration with CAP Liberté de Conscience (CAP LC), ECOSOC-accredited at the UN, FOREF, CESNUR, and Bitter Winter, conducted a press conference at the Seoul Foreign Correspondents’ Club addressing “Freedom of Religion or Belief and Freedom of Expression in Sout
Leave a Reply