ECB Ready to Impose Sanctions on UniCredit for Business with Russia
The European Central Bank (ECB) is prepared to apply sanctions on UniCredit, an Italian bank, due to its ongoing business dealings with Russia.
The ECB’s demands are in line with its stance to limit business with Russia following its invasion of Ukraine.
The bank has also indicated that it has asked Raiffeisen Bank International (RBI) in Austria to reduce lending and payments in Russia.
After several months of discussions, the ECB is now ready to impose penalties and fines on UniCredit if the bank does not comply with a legally-binding order that will be issued in the near future, Reuters reported.
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Regulators are intensifying sanctions on Russia as the conflict in Ukraine continues, although they are struggling to prevent major lenders such as RBI and UniCredit from continuing to conduct business in Russia.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
