Italy’s second-biggest bank, UniCredit, is also striving to limit its reach despite Moscow’s laws on selling off assets (although Yale’s CELI list marks it as “digging in”). Ongoing decoupling… Most Italian companies with operations in Russia have drastically reduced their presence or left the country altogether, leaving only a handful as of August 2023. The spokesperson confirmed the closure would not affect its local business, which Intesa worked to shrink down to roughly €100 million in loans to Russian clients and €700 million in cross-border loans, down 66% and 77%, respectively, from last year, according to Reuters.A spokesperson for Italy’s largest bank announced the decision on Wednesday, confirming that it would happen despite the lack of a presidential green light on disposing assets – which Russia introduced in the summer of 2022, months after its full-scale invasion of Ukraine. Intesa Sanpaolo shut its representative office in Moscow. It’s the latest move to curtail its Russian operations, and it carries symbolic value, as the manager is prized and respected in Moscow
Intesa Sanpaolo, Italy’s largest bank, decided to close its representative office in Moscow despite the lack of a presidential green light.
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