Italy’s UniCredit has initiated steps to reduce its presence in Russia, with several senior executives leaving and shedding a significant portion of its leasing assets, according to a report of Russian business daily Kommersant. 

Kirill Zhukov-Emelyanov, who led UniCredit’s Russian subsidiary for five years and worked at the bank for over two decades, has left his position. 

The bank’s corporate and investment banking chief Vadim Aparakhov and chief operating officer Olga Petrova have also resigned, the report said. 

In addition, UniCredit has sold almost all its long-term leasing portfolio from its subsidiary UniCredit Leasing to the Russia-based PR-Leasing. 

As part of the deal, contracts worth approximately Rbs3bn ($39m) were transferred, with the remaining portion expected to be settled soon. 

Rikom-Trust analytics head Oleg Abelev told Kommersant: “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 withdrawal from the country.” 

European regulators have urged UniCredit to scale down its Russian business to a level similar to Intesa, the other Italian bank still operating in the Russian market. 

UniCredit CEO Andrea Orcel previously stated that the bank has made several attempts to exit Russia since 2022 but has faced challenges due to sanctions. 

Russian authorities are closely monitoring foreign banks for any actions that could lead to nationalisation, a move that could result in capital loss for these banks, reported Moscow Times. 

Companies from the UAE, including Asas Capital, Mada Capital and Inweasta, have expressed interest in the acquisition of UniCredit’s Russian subsidiary. 

Last month, Russian President Vladimir Putin reportedly authorised the sale of Citibank’s remaining Russian operations to Renaissance Capital, through a presidential decree.  

Renaissance Capital is a domestic investment bank not subject to Western sanctions.  

After Western companies exited Russia in February 2022 due to Russia-Ukraine conflict, the Russian government has imposed strict requirements on foreign companies seeking to leave the country.  

This included significant reductions in asset valuations and mandatory contributions to the state budget, which have complicated the process for Western companies planning to leave the Russian market.  

 UniCredit pulled out of its deal to buy Banco BPM in July, as the Italian government had made its approval contingent on UniCredit meeting a number of requirements, such as ceasing its operations in Russia.