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
Enhancing Urban Climate Resilience through LIFE
Burnham Criticizes FIFA’s Plan to Sell World Cup Commercial Rights
However, European football associations, still upset over FIFA’s management of the 2026 men’s World Cup, are furious about the proposals and FIFA President Gianni Infantino’s leadership, viewing him as too aligned with U.S. President Donald Trump.
Thrive Capital, led by CEO Jo
Malaysia Reassesses Asylum Seeker Policy Amidst UNHCR Role Scrutiny
Kuala Lumpur, July 28 Eurotoday Newspaper — Malaysia asylum seekers are at the center of a government policy review after Foreign Minister Mohamad Hasan called for reassessing the United Nations High Commissioner for Refugees’ (UNHCR) presence in the country. The proposal follows concerns over refugee registration procedures and closer coordination between the UN agency and Malaysian authorities
Enexis Secures €500 Million EIB Financing to Boost Network Capacity
Brussels Supports Nomination of Former Slovenian FM as Special Representative
Fajon was suggested by the European External Action Service, the EU’s foreign policy branch, according to four peopl
Veaceslav Platon Extradition Case Reaches UK Court Amid Political Allegations
London, July 28 Eurotoday Newspaper — Veaceslav Platon extradition proceedings continued in the United Kingdom as Moldovan businessman Veaceslav Platon challenged Moldova’s request to return him for prosecution. His legal team argues the case is politically motivated, while Moldovan authorities maintain the extradition request is based on ongoing criminal investigations. The case is now before a
Le "syndrome Lekjaa" : comment l’État marocain confisque-t-il la démocratie ?
Tribune — Isaac Hammouch
À l’approche des élections législatives de 2026, la rumeur court que Fouzi Lekjaa pourrait être pré-désigné comme Premier ministre. Ce phénomène illustre un système de pouvoir qui se révèle peu à peu. En privilégiant des technocrates soutenus par le sommet de l’État, le Makhzen ne se contente pas de négliger le suffrage universel ; il ignore aussi les aspirations d
Charleroi Airport to Suspend Flights for Over Two Months in 2028
The closure is raising concerns among trade unions, which worry that passenger traffic might not reach pre-closure levels once the airport resumes operations.
“We have been urging the airport management for at least two years to engage in discussions on this issue,” stated Alain Goelens, a representative of the trade union S
Pashinyan and Putin Discuss Lifting Russian Restrictions on Armenian Exports
Yekaterinburg, Russia, July 27 Eurotoday Newspaper — Pashinyan Putin meeting discussions centered on Armenia’s request for Russia to remove restrictions affecting Armenian exports. Prime Minister Nikol Pashinyan urged President Vladimir Putin to help resolve trade barriers that have disrupted shipments of agricultural goods and other products to Russia, Armenia’s largest export market.
Trade Tal
Kadyrov Addresses Chechnya Food Shortage Rumors
Claims of food and essential goods shortages in the Chechen Republic are untrue, and efforts to create panic are bound to fail, stated Chechen leader Ramzan Kadyrov.
Kadyrov mentioned that online rumors are spreading from those looking to cause disruption about upcoming shortages of essential items and food in the Chechen Republic.
“This inf
Leave a Reply