European Central Bank set to order two EU banks to reduce Russian business

Reuters has reported that the European Central Bank is gearing up to order that the Italian Bank UniCredit must reduce its Russia-related business.

Reuters has also reported that the ECB is to similarly order Austria’s Raiffeisen bank to reduce its Russian lending by 65% and to reduce its involvement in Russia-related payments.

The ECB did not comment on either story.

The ECB has the power to fine non-compliance with such orders.