On 1 July, UniCredit announced that it had made an application to the General Court of the European Union ("GCEU") to obtain definitive legal clarification of the obligations set by the European Central Bank's ("ECB") requirements to further reduce the risks associated with UniCredit's activities in Russia.
Further to this announcement, UniCredit today confirms that it has received sufficient clarity from the European Central Bank ("ECB") on certain parts of this application so that a portion of the measures set by the ECB's requirements is satisfied. As a result, UniCredit is withdrawing the elements of its application upon which clarity has been received.
There remain outstanding points within the Decision issued by the ECB which require ruling by the ECJ, but upon which UniCredit remains open to constructive dialogue with the ECB in the hope of resolution.
UniCredit remains fully aligned with the ECB on the importance of reducing its presence in Russia and is focused on delivering an orderly, accelerated solvent wind-down of its Russian business within the parameters of the legal, regulatory and sanction framework.
Milan, 25 July 2024
Contacts
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