Italy’s Tajani says ECB went too far in pushing UniCredit to exit Russia

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Italian Foreign Minister Antonio Tajani said on Friday (July 12) that the European Central Bank had gone too far in urging Italy’s UniCredit to exit Russia.

Eurozone banks still have ties to Russia more than two years after Moscow invaded Ukraine, but have faced increasing pressure from EU regulators and U.S. authorities in recent weeks over their ties to Moscow.

The European Central Bank has asked banks it supervises to provide a “clear roadmap” for exiting the Russian market.

“In my opinion, the ECB has gone too far,” former European Commissioner and European People’s Party lawmaker Andreas Tajani told a news conference.

Italy’s UniCredit said last week it was seeking a ruling from the European Union’s General Court on its challenge to the ECB’s conditions for reducing its exposure to Russia and freezing the request until the court makes a ruling.

The court’s decision takes about 20 months on average, but a ruling on a stay request can take just a few weeks.

The Italian authorities’ stance appears inconsistent.

Bank of Italy President Fabio Panetta said in May that Italian banks should “exit” Russia because of reputational risks, while a source close to Prime Minister Giorgia Meloni told Reuters on Wednesday that Rome had not intervened in the matter.

UniCredit owns AO UniCredit, Russia’s 15th largest bank. As of the end of last year, the bank had 56 branches and approximately 3,150 full-time employees.

Asked what role the government played in the incident, Tajani defended UniCredit’s decision to appeal to the European Court of Justice.

“Italian companies that have come under attack are right to ask for judicial clarification at EU level,” he said, adding that Rome wants “protection of Italian companies operating in Russia within the sanctions rules.”

“As foreign minister and deputy prime minister, I saw the EU court case as a request for clarification of unclear rules and not as a challenge to the ECB,” he said.

“You can’t let these companies suffer financially,” Tajanyi added.