European Central Bank advisor Fabio Panetta said remaining in the country would create “reputation problems” for financial institutions.

The Italian financial expert noted: Of course, withdrawal entails objective difficulties, as a buyer must be found for the operation, which must also be approved by the Russian government, and it also entails huge costs, but they must definitely withdraw, because staying would entail problems. Regarding reputation – Reuters reports.

After Raiffeisen, UniCredit is the second-largest foreign bank in Russia, and Intesa Sanpaolo has already begun its withdrawal, he said after the G7 meeting in Stresa, Italy.

In May, Russian authorities seized €463 million from the Russian subsidiary of UniCredit in connection with a failed gas contract, which the financial institution had guaranteed.

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