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
Skies in Turmoil: The Quiet Deterioration of EC261
EU Chief: Ukraine War "Threatens Every Nation on the Planet"
An EU chief says that Europe facing an “existential threat.”
EU council president Antonio Costa said, “The war of aggression being waged against Ukraine by a permanent member of the Security Council is unacceptable and threatens the security of every nation on the planet.”
He was speaking at the summit at the end of the week between the EU and Mexico.
The Portuguese official said, “The sovereign
Self-Criticism: Vital for Democracy’s Survival in Developing Nations
Thierry ValleCoordination des Associations et des Particuliers pour la Liberté de Conscience, France
Press Freedom and Politics of Intolerance
India presents itself as the “world’s largest democracy” and a rising power, celebrating its pluralism. However, concerns have been raised by in
Inside the Tory Reboot: Why the Conservatives Are So Cheery
Listening to Families: A New Perspective on Nicotine Policy
Nicotine consumption is undergoing one of the most significant transformations in its history. Over the past two decades, a wide range of Innovative Nicotine Products (INPs) — from vapes and heated tobacco products (HTPs) to nicotine pouches and other smoke-free alternatives — has emerged alongside traditional tobacco products, fundamentally changing the way nicotine is consumed across the world
New Resource Features Stories of Northwestern Shoshone Latter-day Saints
“Native Saints: The Washakie Ward” share
China: The Controversial Partner the EU Struggles to Leave?
EU-Funded Films Triumph at Cannes
Six EU funded films have received awards at the 79th edition of the Cannes film festival which closed on Saturday 23 May.
Fjörd, by Cristian Mungiu, which received EU support for its development, was the great winner, being awarded the prestigious Palme d’Or. Two further MEDIA-supported films took home major prizes in the Official Competition: Das Geträumte Abenteuer (‘The Dreamed Adventure’) b
Hungary Facing a Political Turning Point
Budapest
US Trade Official Criticizes German Streaming Quota Plan
Republicans in Washington have recently criticized Canada’s streaming law, which mandates tech platforms to financially support domestic cultural production. In March, House Republicans proposed legis
Leave a Reply