Published by Global Banking & Finance Review®
Posted on March 27, 2025
1 min readLast updated: January 24, 2026
Add as preferred source on GoogleUniCredit CEO Andrea Orcel confirms the bank's compliance with ECB's demands to reduce its Russian business, while challenging some deadlines in court.
MILAN (Reuters) - UniCredit is compliant with demands by the European Central Bank on the reduction of its Russian business, and even ahead of some of the supervisors' requests, CEO Andrea Orcel said on Thursday.
"We're fully compliant," Orcel said answering a question by a shareholder at the annual meeting.
UniCredit has challenged in court an ECB decision that set stringent deadlines for the reduction of UniCredit's Russian business, saying that complying with the ECB's demands could lead the bank to break Russian law and international sanctions.
UniCredit said in February, when it published full-year results, that cross-border payments it handled with Russia had risen 8% in the fourth quarter to 9.8 billion euros due to one-off debt repayments from western companies.
(Reporting by Valentina Za, editing by Gianluca Semeraro)
The main topic is UniCredit's compliance with the ECB's demands to reduce its Russian business.
UniCredit is challenging the ECB's decision in court due to stringent deadlines that may conflict with Russian law and sanctions.
Cross-border payments with Russia increased by 8% in the fourth quarter due to one-off debt repayments.
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