The regulatory shift centers on a 2015 contract that saw Italy’s second-largest bank trade its Ukrainian subsidiary, Ukrsotsbank, for a minority stake in ABH Holdings, the parent company of Alfa Bank. While the deal included a put option allowing UniCredit to divest that stake after five years, the subsequent imposition of EU sanctions on Fridman and Aven effectively froze the exit process. Under the updated measures, authorities may now release frozen funds and authorize the necessary share transfers to settle the option, provided the obligations stem from pre-existing agreements.

While the EU directive does not explicitly name UniCredit, the bank views the development as a significant step toward untangling its remaining exposure to the Russian financial sector. Led by Andrea Orcel, the institution has faced intense pressure from the European Central Bank and Italian officials to accelerate its withdrawal from the region. As the bank simultaneously negotiates the sale of other Russian operations to an unnamed investor in the United Arab Emirates, Orcel confirmed to analysts that the broader exit strategy remains on schedule.