By Giuseppe Fonte

ROME (Reuters) -Three companies based in the United Arab Emirates have approached the Italian Treasury with a proposal to buy the Russian operations of UniCredit at a steep discount, a document seen by Reuters showed.

UniCredit is under pressure both from the European Central Bank and Italy's government to quit Russia, where it runs a commercial lender. It has so far resisted leaving at a loss, insisting instead on a gradual disengagement. This month it targeted ending its Russian retail business by mid-2026.

Under the plan, Dubai-based investment firms Asas Capital and Mada Capital would set up a special purpose vehicle and team up with Inweasta, an advisory and investment firm which already operates in Russia, the document showed.

The Gulf-based investors are relatively small and little-known. Mada manages the equivalent of $639 million in assets and focuses on regional markets.

Asas Capital was founded in Dubai in 2009 and says it focuses on capital markets, private equity, advisory and entrepreneurship.

Unspecified Italian partners would also take part in the deal, with the task of securing approvals from the ECB, Italy and European Union and U.S. regulators.

"All parties involved in the transaction are not subject to sanctions and are in full compliance with the applicable sanctions regime," the document said.

"The source of funds originates from the United Arab Emirates," it added.

News of the proposal was first reported by Italian daily Il Messaggero. Asas, Mada and Inweasta did not immediately reply to requests for comment. UniCredit declined to comment.

Inweasta specialises among other things in cross-border disputes resolution. Last year it bought Czech group PPF's Russian PPF Life Insurance LLC business, securing approval from the central bank and the Foreign Investment Subcommittee.

"Inweasta facilitates obtaining all necessary regulatory approvals and transaction documentation in Russia," the document said.

A presidential decree and a green light from the Bank of Russia are necessary for Western companies to dispose of Russian assets.

The UAE consortium is proposing the acquisition of UniCredit's Russian business at a 60% discount to market value, the document showed.

UniCredit has been steadily reducing its Russian operations though it has challenged the stricter exit deadlines demanded by the European Central Bank through the European General Court.

The Italian government has also asked UniCredit to exit Russia by early 2026 as part of conditions to authorise its buyout offer for smaller domestic rival Banco BPM.

(Reporting by Giuseppe Fonte in Rome; Writing by Valentina Za;Editing by Elaine Hardcastle, Kirsten Donovan)