The European Central Bank (ECB) is planning to order Italian UniCredit, the second largest EU bank in Russia, to drastically reduce its assets in Russia. Reuters reported this, according to UNN .
Details
It is noted that the requirements for the second largest European bank in Russia will be similar to the ECB's requirements for the Austrian Raiffeisen Bank International, the largest Western bank operating in the country.
The day before, Raiffeisen Bank International said that the ECB wants the bank to reduce lending and payments to Russia within the established timeframe.
After months of discussions, the ECB intends to send a legally binding order to UniCredit. This is the penultimate step before the ECB can impose sanctions, such as fines.
The ECB's official warning to UniCredit will give the bank the last opportunity to prevent the enforcement procedure by the supervisory authority.
Recall
The US threatens Austrian Raiffeisen Bank with sanctions for continuing to operate in Russia, claiming that it is helping the Russian army.