In brief
The Italian banking group plans to retain payment operations while selling the remaining business to an unnamed UAE investor, subject to approvals.
Vladimir Putin has authorized the restructuring of UniCredit's Russian subsidiary and the sale of a newly created entity, ZN.UA reported, citing Reuters. The decree was published on October 5.
UniCredit announced a non-binding preliminary agreement with a private investor from the United Arab Emirates in May. Under the proposed split, the Italian group would retain full ownership of the payment unit while the investor would acquire the remaining business. The buyer and price were not disclosed.
The bank previously expected completion in the first half of 2027, subject to all necessary approvals. Russian central bank consent is also required for bank exits, and Western authorities scrutinize transactions because of international sanctions.
The authorization does not mean the sale has closed or that UniCredit will leave Russia entirely. European regulators have pressed the bank to exit the market following Russia's invasion of Ukraine.