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
Iran Defies Trump Over Strait of Hormuz Amid US Gas Price Surge
Cairo, 15 August (Brussles Morning Newspaper) Iran Hormuz tensions intensified after Tehran rejected Donald Trump’s claim that the United States controlled the strategic waterway, while the US president told Americans that paying more at the petrol pump was justified by his campaign against Iran’s nuclear programme.
The confrontation has placed fresh attention on the Strait of Hormuz, a narrow s
Heat, Rights, and Slow Growth Shape Europe’s Week
Ecuadorian Fishermen Trapped Amid Cartel Threats and US Strikes
Jaramijó and San Mateo, Ecuador, 15 August (Eurotoday Newspaper) Ecuador fishermen along the Pacific coast are being squeezed between criminal gangs demanding money or help moving cocaine and a US campaign targeting suspected drug-trafficking boats at sea, according to interviews with fishermen, police and security specialists.
Cartels tighten their grip on coastal fishing towns
The pressure is
Iceland Considers EU Negotiations
Referendum Campaign in Final Two Weeks: Membership, Sovereignty, and Democracy at Stake
On 29 August, Icelanders will vote on whether to resume European Union accession negotiations. This advisory referendum is not about joining the EU but could renew a process paused over a decade ago, examining Iceland’s balance between national autonomy and European integration.
With two weeks to go bef
Grocery Price Increases Challenge Trump and Republicans Ahead of US Midterms
Bedminster, New Jersey, 15 August (Eurotoday Newspaper) Rising US grocery prices are putting renewed pressure on President Donald Trump’s economic record as Republicans prepare for November’s midterm elections, two years after he used a display of supermarket staples to attack Democrats over the cost of living.
On 15 August 2024, Trump stood beside tables loaded with beef, fruit, cereal, milk an
Burnham Announces £65m Drought Support for Farmers
London, 15 August (Eurotoday Newspaper) Prime Minister Andy Burnham has announced £65 million in additional government funding for drought-hit farmers, as prolonged dry weather puts growing pressure on crops, livestock and water supplies across England.
The new support follows the driest July on record in England and Wales and comes after Burnham chaired a COBR meeting this week on the governmen
Hungary Deploys Sunken Barges to Elevate Danube River for Nuclear Plant Operation
On Wednesday, Magyar announced plans to construct a riverbed sill using 150,000 cubic meters of stone and is considering submerging the two 80-meter b
France’s Social Media Ban Overturned
Islam Is Not Europe’s Enemy
But it’s
EU Launches New Path to Digital Evidence
Regulation (EU) 2023/1543, effect
Leave a Reply