UniCredit has filed an application with the General Court of the European Union seeking clarity on obligations set by the ECB to further reduce risks associated with the group's activities in Russia.

This is what the bank says in a statement, specifying that the petition aims to "settle any doubts about the obligations that UniCredit will have to fulfill."

Pending the adjudication, which could take several months, "UniCredit has requested an interim suspension of the ECB's decision," added the bank, which says it remains "nonetheless committed to implementing its plan for a significant reduction of its presence in Russia, while respecting the legal, regulatory and sanctioning environment."

UniCredit recalls that since the Russian invasion of Ukraine in February 2022 to date it has reduced its cross-border exposure by 91 percent and its local exposure in Russia by 65 percent, while further reductions are planned in its already defined action plan.

"This testifies to the fact that UniCredit shares with Bce the importance of reducing its presence in Russia, but has concerns about how this reduction identified in Bce's decision will be implemented, which go beyond the current regulatory framework of reference," he says.

UniCredit informed the ECB well in advance of the application to the EU court and stresses that it "remains committed to maintaining an active and open dialogue in this regard" with Frankfurt.

(Andrea Mandalà, editing Sabina Suzzi)