UniCredit contests ECB demands to cut Russia risks in EU court
Has legal doubts on terms of ECB's Russia requests
Italy foreign minister says complaint warranted
Seeking suspension of decision pending proceedings
ECB has demanded roadmap for lenders' Russia exit
Raiffeisen says will not challenge ECB demands
Adds detail on timing, Italian foreign minister comment in paragraphs 3-7
By Valentina Za and John O'Donnell
MILAN, July 1 (Reuters) -UniCredit CRDI.MI said on Monday it was challenging the terms set by the ECB for the Italian bank to cut its exposure to Russia, and seeking a ruling from the EU's General Court, as well as a freezing of the request in the meantime.
Euro zone banks still involved with Russia more than two years after Moscow invaded Ukraine have come under growing pressure in recent weeks from the bloc's supervisors, as well as U.S. authorities, over their ties to the country.
A complex regulatory backdrop, involving Western sanctions against Moscow and local laws in Russia where the Italian group runs a retail bank, meant it had to "seek clarity and certainty" on the actions it needed to take, UniCredit said in a statement
The application may take several months and will be preceded by a ruling on its suspension request in the coming months, UniCredit said, adding that it was necessary to avoid potential "serious unintended consequences" of the ECB decision.
Italy's Foreign Minister Antonio Tajani welcomed the complaint, saying he shared the need for clarity.
"The ECB must take into account the situation in which Italian companies operate in Russia, in compliance with EU sanctions. Hasty decisions merely risk damaging Italian and EU companies," he said.
The European Central Bank has asked European lenders to provide a "clear roadmap" to exit the Russian market. In May, Bank of Italy Governor and ECB policymaker Fabio Panetta urged Italian banks "to get out" because of reputational risks.
UniCredit said that progress made so far to shrink its Russia business showed it was "fully aligned with ECB on the importance of reducing its presence in Russia".
However, it has "concerns about the terms upon which this reduction has to take place as provided for in the decision issued by ECB, that goes beyond the current legal framework".
The ECB declined to comment.
After Austria's Raiffeisen RBIV.VI, UniCredit has the biggest exposure to Russia, where it runs a top 15 bank, among European lenders.
Raiffeisen has no plans to take legal action against the ECB over the request to reduce its Russia-related business, a spokesperson told Reuters on Monday.
"For anyone who believes that Ukraine's fight against Russia is important for the security of Europe, the fact that UniCredit stayed in Russia, made profits, and is now suing the ECB over their attempts to get it to leave, this doesn't look good," said Nicolas Veron of Brussels think tank Bruegel.
UniCredit has so far cut its Russia cross-border exposure by 91% and the local exposure by 65%, with "further substantial reductions" planned.
European banks still active in Russia have also been facing pressure from the United States.
Treasury Secretary Janet Yellen told Reuters in May that the lenders faced "an awful lot of risk" and Washington was looking at stronger secondary sanctions on banks found to be aiding transactions for Russia's war effort.
Western sanctions have complicated European banks' exit efforts by curtailing the number of potential buyers. Under restrictions imposed by Moscow, an exit is now conditional on approval by President Vladimir Putin.
Russia's central bank must also give a green light.
Highlighting the difficulties, another Italian lender Intesa Sanpaolo ISP.MI is still to finalise its exit, despite securing the presidential decree authorising it to dispose of its Russian assets last September.
Additional reporting by Alexandra Schwarz-Goerlich in Vienna; Editing by Elisa Martinuzzi and Alexander Smith
면책조항: XM Group 회사는 체결 전용 서비스와 온라인 거래 플랫폼에 대한 접근을 제공하여, 개인이 웹사이트에서 또는 웹사이트를 통해 이용 가능한 콘텐츠를 보거나 사용할 수 있도록 허용합니다. 이에 대해 변경하거나 확장할 의도는 없습니다. 이러한 접근 및 사용에는 다음 사항이 항상 적용됩니다: (i) 이용 약관, (ii) 위험 경고, (iii) 완전 면책조항. 따라서, 이러한 콘텐츠는 일반적인 정보에 불과합니다. 특히, 온라인 거래 플랫폼의 콘텐츠는 금융 시장에서의 거래에 대한 권유나 제안이 아닙니다. 금융 시장에서의 거래는 자본에 상당한 위험을 수반합니다.
온라인 거래 플랫폼에 공개된 모든 자료는 교육/정보 목적으로만 제공되며, 금융, 투자세 또는 거래 조언 및 권고, 거래 가격 기록, 금융 상품 또는 원치 않는 금융 프로모션의 거래 제안 또는 권유를 포함하지 않으며, 포함해서도 안됩니다.
이 웹사이트에 포함된 모든 의견, 뉴스, 리서치, 분석, 가격, 기타 정보 또는 제3자 사이트에 대한 링크와 같이 XM이 준비하는 콘텐츠 뿐만 아니라, 제3자 콘텐츠는 일반 시장 논평으로서 "현재" 기준으로 제공되며, 투자 조언으로 여겨지지 않습니다. 모든 콘텐츠가 투자 리서치로 해석되는 경우, 투자 리서치의 독립성을 촉진하기 위해 고안된 법적 요건에 따라 콘텐츠가 의도되지 않았으며, 준비되지 않았다는 점을 인지하고 동의해야 합니다. 따라서, 관련 법률 및 규정에 따른 마케팅 커뮤니케이션이라고 간주됩니다. 여기에서 접근할 수 있는 앞서 언급한 정보에 대한 비독립 투자 리서치 및 위험 경고 알림을 읽고, 이해하시기 바랍니다.
