Russian President Vladimir Putin signed a decree on Oct. 5 authorizing Italian banking group UniCredit to restructure its Russian subsidiary, UniCredit Bank Russia, and sell all of its shares. The order, published on Russia’s legal information portal, permits the bank to spin off a new company whose shares will be held by UniCredit before the full sale of the subsidiary’s assets. No further approvals are required for the transaction, according to the decree .
UniCredit had previously outlined the restructuring plan in May when it announced a preliminary agreement with an unnamed private investor from the United Arab Emirates. The bank, one of two Western lenders still operating in Russia as systemically important institutions, aims to complete the sale by the first half of 2027 .
Since 2022, sales of assets by Western banks in Russia have required presidential approval. Media reports have suggested the UAE consortium may be acting on behalf of Alfa Group, though UniCredit has not confirmed the buyer’s identity .
