UniCredit received a loss of €220 million in Russia in 2022
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In 2022, the Italian UniCredit received a €220 million loss in Russia. This is stated in the financial statements of the bank, published on its website. site. The company attributed the losses in the first quarter of 2022 to a sharp increase in the cost of reserves after the entry of Russian troops into Ukraine.
Business revenue in Russia for the year amounted to €1.26 billion, which is 86% more than in 2021. Russian assets accounted for €757 million in the group’s net interest income, which amounted to €9.9 billion.
UniCredit did not stop working in Russia because of the military operation in Ukraine, but began to reduce risks in the country. According to the Financial Times, the European Central Bank (ECB) is pushing the bank to stop working on the Russian market. The ECB views UniCredit’s presence in Russia as an “undesirable source of risk.”
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