Reported 5 months ago
During a G7 finance meeting in Italy, European Central Bank policymaker Fabio Panetta stated that Italian banks, including UniCredit and Intesa Sanpaolo, must cease their business activities in Russia due to reputational concerns. Panetta highlighted the complexities and challenges associated with exiting Russia, emphasizing the need for banks to disengage despite the difficulties involved. This directive follows UniCredit's Russian arm experiencing asset seizures related to a gas project. Both UniCredit and Intesa have faced obstacles in finding buyers for their Russian businesses due to Western sanctions, with supervision from European and U.S. authorities overseeing their exit strategies.
Source: YAHOO