EU Court Rejects UniCredit's Suspension Request

The European Union's General Court has denied UniCredit's request to suspend an order from the European Central Bank (ECB) mandating the Italian bank to reduce its operations in Russia. The court's ruling, dated November 22, emphasizes that the ECB had identified significant risks related to compliance with Russian law, including concerns over terrorism financing and sanctions violations. Despite UniCredit's claims that the ECB was overstepping its authority, the court sided with the central bank's assessment that the lender's measures to mitigate risks were insufficient. The ECB has urged UniCredit to consider selling its Russian subsidiaries and imposed restrictions on new deposits and payment handling. The decision marks a notable pressure point for UniCredit, which has maintained a presence in Russia for over 30 years, particularly since the onset of the Ukraine conflict. Final proceedings on the case are still pending, with the court indicating that continued operations in Russia will be closely scrutinized.