UniCredit asks the EU Court for clarification | EUROtoday

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UniCredit has filed a request with the General Court of the European Union to acquire clarification on the obligations established by the European Central Bank for an additional discount of dangers related to the actions in Russia, carried out by subsidiaries, together with UniCredit Bank Russia. “UniCredit shares with the ECB the importance of reducing its presence in Russia, but has concerns about the ways of implementing such reduction identified in the ECB decision, which go beyond the current regulatory framework,” the financial institution wrote in an announcement.

The Italian group stories that it has «entertained a constructive dialogue with the ECB. However, the unprecedented circumstances and the complexity of the socio-economic and geo-political context, the dearth so far of a univocal regulatory framework relevant to the present state of affairs, and the doable critical penalties deriving from the implementation of the choice which impacts not solely on the actions in Russia but in addition on UniCredit Spa, require that the UniCredit board of administrators acquire certainty and readability on the obligations and actions to be taken. To this finish, it has determined to enchantment to the Court of the European Union to be able to resolve any doubts concerning the obligations that UniCredit must fulfill. The ECB was knowledgeable of this intention with whole transparency and nicely upfront.”

“The conclusion of the proceedings may take a number of months, however it represents an compulsory step to make sure authorized certainty for each UniCredit and the ECB. Pending the judgment, UniCredit has requested the provisional suspension of the ECB's resolution,” the statement continues.

Since the Russian invasion of Ukraine in February 2022, UniCredit has adopted a series of strategies to «drastically limit its activity in the Russian Federation», with «consequent reduction of its cross-border exposure by 91% and its local exposure in the country by 65 % until today; further substantial reductions will be carried out in line with the commitments of the action plan defined by UniCredit”, because the financial institution explains in a notice.

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“I agree with the content of Unicredit's appeal to the EU justice system. The ECB must take into account the situation in which Italian companies operate in Russia in compliance with EU sanctions. Hasty decisions only risk damaging Italian and EU companies. It is therefore good to have a clear regulatory framework”, writes Deputy Prime Minister and Foreign Minister Antonio Tajani on X.