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
EU Declares Ban on LGBTQ+ Conversion Therapy Should Be Determined by Individual Countries, Not Brussels
Thro
Mukesh Ambani’s Jio Platforms Reportedly Excludes Investor Exits from 2026 Mumbai IPO Plan
Led by Mukesh Ambani, Reliance Industries has transformed from a traditional energy company into one of As
Steps to Take If Your Landlord Won’t Return Your Deposit in Europe
Protecting Refugees or Circumventing Sanctions?
A small charity operating in a north London borough and focused on refugee assistance may soon come under the scrutiny of United Kingdom law enforcement.
There is a credible risk that a former Ukrainian banker, Mykola Lagun, currently evading Ukrainian justice from Vienna, may exploit
Roma Advocates Celebrate "Renewed Commitment" to Inclusion
Western Balkan governments and Germany have committed to a work plan for those classed as “vulnerable” groups, such as Roma.
They formally named Roma as a target group for active labour market measures.
The Roma Foundation for Europe, whose close collaboration with the Montenegrin government secured the inclusion, welcomed the move and has now called on participating governments to “move from co
French far right to Kylian Mbappé: Focus on playing football
“He left PSG for Real Madrid, claiming it was to secure the Champions League. Meanwhile, PSG achieved it,” Le Pen stated in an interview with French radio RTL on Wednesday.
Le Pen and Bardella’s party has a history of a strained relationship with the co
"I Am Not Afraid of the Truth": An Interview with Konstantin Rudnev from Rawson Prison
Europe Raises Alarm Over Medicine Shortages After EU Approves Emergency Health Deal Brussels 2026
The Commission’s Next Major Overhaul?
DG REGIO, responsible for managing billions of euros for the social development of regions and cities, is possibly being restructured by Commission President Ursula von der Leyen, indicating a shift in the EU’s priorities. Zoya and Ian delve into the reasons for th
Leave a Reply