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Putin allows Italy's UniCredit to sell part of Russian business / Photo: © AFP
Putin allows Italy's UniCredit to sell part of Russian business
Russian President Vladimir Putin signed a decree on Monday allowing Italy's UniCredit bank to sell part of its Russian business, paving the way for it to draw down its presence in the country.
UniCredit is one of the largest Western banks to operate in Russia and maintained operations there after Moscow sent troops into Ukraine in February 2022.
The Milan-based lender announced in May it planned to sell part of its Russian subsidiary to a "well-established private investor in the United Arab Emirates", while keeping part of its payments business in the country.
The decree "authorises the reorganisation" of the company in Russia, as well as the sale of the split-off unit, it said.
Hundreds of foreign companies have curtailed operations in Russia since the Ukraine war began.
Some that remain have had their assets seized by the Russian state, while those wishing to sell off their businesses have had to seek Kremlin approval.
S.Yang--SG
