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
France Orders Expulsion of Russian TV Star Xenia Fedorova
Fedorova did not provide an immediate response to requests for comment, but according to Agence France-Presse, her lawyer plans to appeal the decision.
Previously leading RT France before its closure due to EU sanctions in 2023, Fedorova now appears frequently on CN
Brazil to Urge US on Export Tariffs, Durigan Anticipates Progress Post-Election
Brasília, July 27 Brussels Morning Newspaper — Brazil export tariffs remain at the center of trade discussions after Finance Minister Dario Durigan said the government will continue pressing the United States to reconsider tariffs on Brazilian goods. He said Brazil expects negotiations to move forward after the country’s presidential election, while maintaining a diplomatic approach to protect b
Malta’s Climate Plan Prioritizes Fairness
Ed Miliband Takes Charge of Brexit Reset with UK Foreign Office Overhaul
Merz Vows Action After Berlin CSD Attack Highlights Security Lapses
Berlin, July 27 Eurotoday Newspaper — Berlin CSD attack investigations continue after German Chancellor Friedrich Merz promised a firm government response following the deadly assault during Berlin’s Christopher Street Day (CSD) Pride celebrations. The attack left one woman dead and dozens injured, prompting nationwide concern over public safety and renewed scrutiny of the suspect’s previous ext
Religion is Not an Escape from Life
When religion offers all the answers, it can eliminate the anxiety associated with questioning, seeking meaning, and making personal choices about life’s essentials. Instead of empowering individuals to find strength and courage to face life’s challenges maturely, religion can sometimes present an image of God that alleviates anxiety, allowing people to avoid the
Merz’s Party Selects New Parliamentary Group Leader
Earlier on Wednesday, German President Frank-Walter Steinmeier appointed three new CDU ministers proposed by the chancellor.
Former CDU Secretary-General Carsten Linnemann became health minister, replacing Nina Warken
Peskov’s Wife Mounts New Court Challenge Against Russian Elite Sanctions
Brussels, July 27 Eurotoday Newspaper — Russian elite sanctions are facing another legal challenge after Tatiana Navka, wife of Kremlin spokesman Dmitry Peskov, asked the European Union’s General Court to remove sanctions imposed on her following Russia’s invasion of Ukraine. She is also seeking more than €2 million in damages, arguing that the EU lacked sufficient legal grounds for the restrict
Alcohol Prohibition to Be Implemented at 5,400 German Train Stations
Currently, the ban is enforced at 30 stations, including Cologne, Hamburg,
Saudi Arabia Destroys Drones from Iraq; Iran Proxy Groups Blamed
Riyadh, Saudi Arabia, July 27 Eurotoday — Iran proxy groups were blamed by Saudi Arabia after its military said it intercepted and destroyed drones launched from Iraqi territory before they could reach strategic locations. Saudi officials said the operation prevented potential damage to key infrastructure and described the attempted attack as a serious threat to regional security.
Main Developme
Leave a Reply