Putin Approves UniCredit Sale of Russian Unit Stake, €3.3B Hit Expected

Russian President Vladimir Putin signed a decree on October 6, 2026, authorizing UniCredit to sell 100% of its shares in UniCredit Bank Russia, clearing the Italian lender to scale back its presence in the country. Under the decree, part of the Russian legal entity will be spun into a new company retained by UniCredit that will handle international euro and dollar payments for non-sanctioned corporate clients. The remainder will pass to an undisclosed buyer. Kommersant reported the investor is linked to Alfa Group. UniCredit, which has operated in Russia since 1989, estimates the deal's negative impact at €3–3.3 billion and expects completion in the first half of 2027, pending binding agreements and regulatory approvals. Russian presidential approval has been mandatory for share transactions involving listed banks since 2022. Exit conditions tightened in October 2024, requiring a minimum 60% discount to market value and an exit tax of at least 35%.