UniCredit Urges Clients to Close Accounts in Russia

Clients of the Italian bank UniCredit are receiving offers to close all accounts and cards. The bank's support service is sending messages indicating a reduction of operations in Russia. UniCredit announced its intention to exit the Russian market in 2022 amid the war in Ukraine and has been systematically reducing its business, including lending and its client base. The European Central Bank demanded that UniCredit wind down its Russian business. The bank has stopped reissuing debit cards that have expired and will cease reissuing cards for other reasons starting in December. Since September, all debit cards that have not been activated within six months have been automatically blocked. Starting October 1, a 2% fee will be introduced for transfers in rubles to accounts of foreign banks. Only one branch for individuals remains in Moscow. In May, UniCredit signed an agreement with a private investor from the UAE to sell part of its Russian business, which involves splitting the bank into two structures. After the operation, UniCredit will retain the business related to international settlements in euros and dollars for clients not under sanctions. The deal is expected to close in the first half of 2027.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.