By Stefania Spezzati and John O’Donnell
THE European Union’s General Court has rejected UniCredit’s request to suspend a European Central Bank order to scale back its presence in Russia, according to a court document, in a blow to the Italian lender which has been operating in the country for over 30 years.
The court said that the ECB had thoroughly assessed the regulatory framework, including aspects of Russian law that create risks to compliance, denying UniCredit a suspension while it assesses the merits of the case, the Nov. 22 ruling says.
Subscribe now to have unlimited access
With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!
