
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
Russland am Rande des Zusammenbruchs. Mit Moritz Schularick
Rixa Fürsen discusses with economist Moritz Schularick why the Kreml
Switzerland’s Foreign Policy Gains Global Attention During Pivotal International Talks
Bern, Switzerland, June 13 – Eurotoday — Switzerland foreign policy continues to attract international attention as the country maintains its longstanding role in diplomacy, mediation, and conflict resolution efforts. Recent discussions involving global security, regional stability, and international cooperation have once again highlighted the importance of Switzerland foreign policy within the
Asylum Seeker vs. Refugee: Essential Distinctions
A person arrives at a European border after fleeing persecution, war, or targeted violence. From that moment, the language used around them matters. The distinction between asylum seeker and refugee is crucial for legal protections, access to housing and work, the risk of removal, and the way governments frame public debate.
In public discussion, the two terms are often used interchangeably. The
Canada expects submarine decision ‘in 30 days,’ procurement chief says
However, this step would not result in a final contract award but would progress one of the two qualified suppliers into detailed negotiations with Ottawa.
“Right now we have two qualified
Debate Intensifies Over Iran’s Leadership Transition as Analysts Explore Future Scenarios
Tehran, Iran, June 13 – Eurotoday Newspaper — Iran leadership transition remains a subject of significant discussion among political analysts, diplomats, and regional observers as attention continues to focus on the future direction of the country’s political system. While no official transition process is currently underway, conversations regarding a potential Iran leadership transition have in
Prosecutorial Overreach in Argentina: An Escalating Human Rights Issue
A Comparative Analysis of Expansive Prosecutorial Practices and Their Impact on Freedom of Religion or Belief and Due Process
In recent years, Argentina has seen a concerning trend in criminal cases: prosecutors extending their authority beyond legal limits, creatively interpreting laws, and handling evidence carelessly, raising significant human rights issues. As an international human rights l
Canada’s Carney Sees ‘Timely’ Role for G7 in Any Iran Deal
However, Carney stressed that any credible agreement must involve “a broader cessation of hostilities, including in Lebanon.”
Martin, whose government has b
Middle East Conflict Intensifies: New Challenges for Families, Economies, and Communities
Gaza Strip, June 13 – Eurotoday Newspaper — Middle East conflict impact remains a major concern as ongoing instability continues affecting families, communities, and economies throughout the region. Humanitarian organizations, governments, and international institutions are closely monitoring developments as the Middle East conflict impact extends beyond immediate security concerns and influence
World News Summary: Violence Impedes Ebola Response, Aid in Darfur and Gaza, Nicaraguan Activist’s Death in Custody
Escalating Regional Security Tensions: Diplomacy and Military Actions Reshape the Middle East
Jerusalem, Israel, June 13 – Eurotoday Newspaper — Regional security tensions continue drawing international attention as diplomatic negotiations, military activity, and geopolitical developments shape the outlook for the Middle East. Governments, investors, and policy experts are closely monitoring events across the region as regional security tensions influence security planning, economic expe



Leave a Reply