Further sanctions against Russia may have negative impact on European banks

Further sanctions against Russia may have negative impact on European banks

Tightening of European sanctions against Russia may adversely affect activities of the Italian Bank Unicredit and the whole European banking sector, an adviser to the Italian Bank, member of the Board of Directors, Gianni Franco Papa said today in an interview with the German Handelsblatt newspaper

"We are waiting for an EU decision and will treat it with respect, but if the sanctions are tightened, of course, it will be a blow not only on our interests, but also on the whole of Europe. Russia is too important a market," he said.

russian sanctions means eu sanctions

Unicredit is widely represented in Russia and is engaged in joint activities with Russian financial institutions in the field of bank loans and support of small and medium business investing and working in Russia. The bank has recently closed all its branches in Crimea and is considering a possibility of closing or reorienting its activities in Ukraine.

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