Russian President Vladimir Putin authorised the reorganisation of UniCredit’s local bank and transactions involving all shares in the remaining unit. The approval removes a Russian presidential restriction that applied because UniCredit is owned by an investor from a state Moscow designates as unfriendly. The decree does not itself complete the sale.
UniCredit announced in May that it planned to divide its Russian business and sell most of it to an unidentified private investor based in the United Arab Emirates. The Italian group intends to retain a separate operation focused on international payments. It previously said the transaction was non-binding and targeted completion in the first half of 2027, subject to further authorisations and definitive documentation.
THE DECREE ADVANCES THE STRUCTURE
The Russian order permits UniCredit Bank to create a separate legal entity and allows transactions involving 100% of the shares held by UniCredit. Interfax and RBC reported that the remaining licensed bank would then be transferred to the buyer. The buyer’s identity and the sale price have not been disclosed.
The planned structure is intended to preserve a limited payments business while reducing UniCredit’s broader Russian exposure. The group estimated in May that the disposal could reduce profit by €3 billion to €3.3 billion, much of it through non-cash currency effects. It said the transaction would generate a capital benefit and would not alter its shareholder-distribution plans.
OTHER APPROVALS STILL MATTER
Russia’s central bank must still approve bank ownership changes, while Western sanctions and supervisory requirements remain relevant to the transaction. Reuters reported that UniCredit had no immediate comment on the presidential order. The decree therefore marks a material approval rather than the closing of the exit.
The next milestones are definitive sale documents, the remaining regulatory clearances and completion of the corporate separation. UniCredit’s progress will also be watched alongside Raiffeisen Bank International’s continuing effort to reduce its Russian presence. Until those steps are completed, UniCredit remains the owner of the Russian banking operation.