Moscow, December 10, 2025 (Agencies) – Italy’s UniCredit Group, one of the last major Western banks still operating in Russia, has begun scaling back its business, according to a report by Kommersant citing sources familiar with the matter.
Operating in Russia since 1989, UniCredit is listed by the central bank among the country’s 13 key credit institutions. Alongside a handful of other EU-based lenders, the bank has maintained a presence in the Russian market despite mounting international pressure following the 2022 escalation of the Ukraine conflict.
Nearly the entire long-term portfolio of UniCredit’s leasing subsidiary in Russia, valued at around $32 million under contracts, has reportedly been sold to PR-Leasing. The move comes amid growing pressure from European shareholders to reduce operations to the scale of Intesa SanPaolo, another Italian bank still active in the market.
Industry experts note that the departure of UniCredit’s chairman Kirill Zhukov-Emelyanov, who led the Russian unit for five years, along with two other top executives, signals preparations for a full withdrawal. “The simultaneous departure of key top managers and the sale of a major asset is a clear sign the bank is preparing for a full exit,” said Oleg Abelev, head of analytics at Rikom-Trust.
European regulators have also played a role. Last year, the European Central Bank (ECB) ordered EU banks with Russian subsidiaries to accelerate the wind-down of their operations, banning new loans and deposits, cutting portfolios, and restricting foreign-currency payments. UniCredit has since sought legal clarification from the EU General Court on the scope and enforceability of these obligations.
Despite the pressure, several European banks — including Austria’s Raiffeisen Bank International, the Netherlands’ ING, Hungary’s OTP Bank, Italy’s Intesa SanPaolo, and Sweden’s SEB — continue to maintain operations in Russia, though many are scaling back.