Italian bank UniCredit has withdrawn its appeal to the European Court of Justice against the European Central Bank's directive to exit Russia, following pressure and sanctions related to the conflict in Ukraine.
UniCredit, the Italian banking giant, has officially withdrawn its appeal filed with the European Court of Justice (CJEU) against a directive from the European Central Bank (ECB) which required the bank to lessen its operations in Russia. This development comes in the wake of ongoing geopolitical tensions and economic sanctions imposed on Russia due to its invasion of Ukraine. The ECB initially warned UniCredit about the risks associated with its operations in Russia back in April 2023, after which they mandated the bank to curtail its activities in the region. The CJEU rejected UniCredit's request to suspend the ECB's order last November, prompting the bank to reassess its strategy in Russia.
