The media reported on the demand of the Italian court to terminate UniCredit's business in the Russian Federation

In Italy, the court confirmed the government's position on the need to terminate the activities of UniCredit bank in Russia in order to absorb another bank, Banco BPM. This was reported on July 13 by the Bloomberg news agency.

"The court's decision confirms the government's demand that UniCredit cease its Russian business," the publication says.

It is noted that the company's representatives "welcomed" this decision.

"UniCredit will now evaluate all relevant steps in a timely manner," the bank said.

Forward to the past: foreign banks may reconsider their decision to leave the Russian Federation

Why it is beneficial for foreigners to keep the Russian business

Italy's plans to require UniCredit to withdraw from Russia became known on April 16. The bank's CEO, Andrea Orsel, also said that he did not plan to close down his business in Russia after the outbreak of the conflict in Ukraine, because "he did not want to harm shareholders."