Italy’s UniCredit Group begins scaling back its business
UniCredit has operated in Russia since 1989 and is recognized by the country’s central bank as one of its 13 systemically important lenders. Despite sustained geopolitical pressure after the escalation of the conflict in 2022, several EU-based banks, including UniCredit, have maintained a presence.
Other European lenders that continue to operate in Russia reportedly include Austria’s Raiffeisen Bank International, the Netherlands’ ING, Hungary’s OTP Bank, Italy’s Intesa SanPaolo, and Sweden’s SEB.
Reports suggest that UniCredit’s local leasing subsidiary has disposed of almost its entire long-term portfolio—worth approximately $32 million under existing contracts—transferring it to the Russian firm PR-Leasing.
“European banks are trying to maintain their business in Russia, but they are increasingly having to scale it back,” TopContact CEO Artur Shamilov told Kommersant.
Sources also indicated that the bank’s long-serving chairman, Kirill Zhukov-Emelyanov, who led the Russian division for five years and worked within the group for more than 20, has exited the company along with two senior executives.
“The simultaneous departure of key top managers and the sale of a major asset is a clear sign the bank is preparing for a full withdrawal from the country,” according to Oleg Abelev, head of analytics at Rikom-Trust.
European stakeholders are reportedly urging UniCredit to reduce its Russian exposure to levels comparable to Intesa, the other Italian bank still operating in the region.
In the third quarter of 2025, Intesa’s Russian branch was reported to have cut its assets by 17.7%, bringing them to roughly $1.84 billion and positioning it 50th by assets and 23rd by capital at about $704 million. UniCredit, by comparison, remains far larger: ranked 20th by total assets—down 8.5% in the same quarter to around $9.5 billion—and 12th by capital at approximately $4.39 billion.
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