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
Salvation in Orthodox Theology: Embracing New Life in Christ
Hungary Declares Russia a ‘Threat’, Breaking With Orbán Policy
Since replacing Orbán this spring, Magyar has realigned Budapest’s foreign policy. He has repaired
Short-Handed Al Nassr Rallies to Defeat Al Ettifaq 3-2 in Dammam
Dammam, Saudi Arabia, 26 August (Eurotoday Newspaper) – A remarkable Al Nassr comeback saw the Saudi Pro League champions recover from two goals down to beat Al Ettifaq 3-2 despite playing most of the match with 10 men. Sadio Mané scored twice, including the late winner.
Early red card changes the contest
Al Nassr suffered a major setback after just 12 minutes when goalkeeper Bento was shown a s
Dogmatic Debate with Donatism (Part 2)
Carney of Canada to Attend EU State of the Union
An official from the European Commission, close to von der Leyen, confirmed to POLITICO that Carney has accepted the invitation to this significant event in the EU’s calendar, where the presiden
Japan to Extend Weather Forecasts to Two Weeks by 2030
Tokyo, Japan, 26 August (Eurotoday Newspaper) – Japan plans to extend detailed daily weather forecasts from seven days to two weeks by 2030, as authorities seek to improve preparations for extreme heat, heavy rain and snow linked to a changing climate.
Longer forecasts widen the warning window
The Japan Meteorological Agency (JMA) plans to provide daily forecasts covering up to two weeks. These
Dogmatic Debate with Donatism (3)
France and Germany Clash Over Europe’s Industrial Future
EU Climate Risks Require Accelerated Response as Extreme Heat Intensifies
Brussels, Belgium, 25 August (Eurotoday Newspaper) – European governments face growing pressure to act earlier and more proactively against EU climate risks, as extreme heat, drought, wildfires and flooding increasingly threaten public health, infrastructure and economic activity across the continent.
The challenge has become particularly visible during successive hot summers. European authoriti
Nigel Farage Advocates for Eliminating GDPR in the UK
The EU GDPR offers broader individual rights concerning personal data, such as the “right to be forgotten,” compared to New Zealand’
Leave a Reply