UniCredit's Russia unit sued German arm in RusChem court case

UniCredit's Russian subsidiary last year sued the Italian bank's own German arm as part of a court case relating to guarantee payments in Russia which UniCredit could not honour because of sanctions, the lender's annual report showed. The case, which dates back to 2023, highlights the risks linked to its ongoing presence in Russia, which UniCredit failed to terminate when the Ukraine war broke out because CEO Andrea Orcel said he wanted a fair price to part with the business. Following European Central Bank demands it speeds up its exit, UniCredit is now working to bring the profit contribution from its Russian business close to zero in 2027.