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
L’UE inflige une amende de 200 millions d’euros à Temu
US Keeps Kyiv Embassy Open as Ukraine’s Security Situation Remains Tense
Eurotoday is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.
Europe’s Far Right Faces Ban Threat
On the show, Zoya Sheftalovich and Sarah Wheaton examine how the far-right Europe of Sovereign Nations party — associated with Germany’s AfD — is at risk of losing EU funding and its political party status. A 300-page letter from the Authority for European Political Par
European Citizen Rights Guide
Blair’s Speech Sparks New Debate on Labour’s Identity, With or Without Starmer
Norway Aligns with France’s Nuclear Deterrence Policy
On March 2, the French president announced that Germany, Poland, Greece, the Netherlands, Belgium, Denmark, and Sweden agreed to discuss nuclear cooperation with Paris. This may include joint nuclear drills, information shari
Debate on European Nuclear Deterrence Intensifies Following Norway’s Support for France’s Security Role in Oslo 2026
The statement comes during a period of heightened geopolitical uncertainty, increasing Arcti
Von der Leyen to Meet Hungarian PM Magyar on Friday
Magyar, whose centrist party recently won Hungary’s election, is working to access billions in EU funds frozen due to violations of EU laws under Orbán’s 16-year governance.
Securing €10.4 billion in EU post-pandemic recovery funds is the top priority for th
Kazakhstan’s Energy Crisis Worsens as Rosatom Approaches Balkhash Nuclear Agreement for Astana 2026
Kazakhstan’s government has increasingly warned about electricity shortages, rising industrial deman
Leave a Reply