President Vladimir Putin has signed a decree allowing for the sale of Italian banking group Intesa Sanpaolo’s Russian operations.
Intesa, Italy’s largest bank, stopped new financing to corporate Russian clients and fresh investments in Russian assets after Moscow invaded Ukraine last year.
In a “special decision” dated Thursday, Putin exempted Intesa from his 2022 ban on banking and energy companies from “unfriendly countries” to sell their Russian assets.
Putin’s decree allows for the transaction of 100% of Intesa’s shares in Russia.
Intesa is among the few Western banks that have continued to operate in Russia as the Kremlin has tightened exit requirements for foreign-owned companies.
Putin’s decree “could pave the way for similar [exit] approvals,” affecting lenders such as Austria’s Raiffeisen Bank and Italy’s UniCredit, which both continue to do business in the country, according to Reuters.
Intesa has not yet commented on the Russian president’s decision.
Moscow previously threatened to block the sale of foreign banks' Russia-based operations as long as Russian banks abroad were unable to operate without restriction.
The European Central Bank issued a rare public call this summer for all remaining eurozone banks to exit Russia “as soon as they can.”
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
