A document published on Friday stated that Italy’s UniCredit withdrew an appeal made to the European Union General Court in January against a European Central Bank request that it exit Russia.
The ECB officially warned UniCredit about Russia-related risks in April 2023, which it followed a year later with demands that it reduce its activities in the sanctions-affected country.
UniCredit requested a suspension of the ECB’s order, which was suspended by the EU court in November 2024. UniCredit has since been reducing its presence in Russia, which has also been pressured by the government of Italy.
UniCredit operated a top-15 Russian bank at the time, when Moscow invaded Ukraine in February 2022. CEO Andrea Orcel has not been willing to abandon the country at a loss.
UniCredit indicated in its 2025 financial report that the ongoing relationship with the ECB had made the bank wind down its Russian businesses in order to comply with the demands of the supervisor.
It said, “As a consequence, on January 30 UniCredit filed a notice with the European Union General Court withdrawing its appeal.”
UniCredit reduced its loans to its Russian branch to 600 million euros last year, while the net profit increased to 814 million euros from 577 million in 2024.
However, in the same report, UniCredit added that it submitted its most recent appeal in January, in a long-running lawsuit involving its Russian unit.
Russian energy company filed a lawsuit against the local branch of UniCredit in a St. Petersburg court on guarantee claims totalling 444 million euros ($525 million).
Following the issuance of a guarantee package in favour of the Russian firm on behalf of a German client, UniCredit failed to meet the Russian firm’s payment claims due to sanctions.
Meanwhile, the Italian group’s Russian unit, AO UniCredit Bank, lost the case against the energy company in June 2024. The latest document stated that more appeals by the group and AO Bank were rejected in February and August 2025.
UniCredit and its Russia unit had filed an appeal with the Supreme Court that was dismissed in January this year. It reported that the immediate complaint was filed with the Supreme Court’s section in charge of economic disputes.
