UniCredit says it has dropped EU court case against ECB over Russia

Core Viewpoint - UniCredit has decided to withdraw its appeal against the European Central Bank's (ECB) order to reduce its operations in Russia, following ongoing interactions with the ECB and pressure from the Italian government [1][2][3]. Group 1: Company Actions and Financials - UniCredit has been reducing its presence in Russia since the invasion of Ukraine in February 2022, despite initially being one of the top-15 banks in the country [2]. - The bank halved the loans extended by its Russian unit to €600 million, while its net profit increased to €814 million from €577 million in 2024 [3]. - The company filed a notice to withdraw its appeal with the European Union General Court on January 30, 2025, after the court rejected its request for a suspension of the ECB's order [3]. Group 2: Legal Matters - UniCredit is involved in a long-running lawsuit concerning its Russian unit, which was sued by a Russian energy firm for guarantee claims totaling €444 million ($525 million) [4]. - The Russian unit lost in court against the energy firm in June 2024, and subsequent appeals were rejected in February and August 2025 [5]. - The company lodged an appeal with the Supreme Court, which was rejected in January 2025, and has since filed a complaint with the Supreme Court's section for economic disputes [5].