MOSCOW (Reuters) – Russian President Vladimir Putin has signed a decree giving Italian financial institution Intesa Sanpaolo permission to promote or get rid of its property in Russia, a doc posted on a Russian authorities web site confirmed on Friday.
Reuters solely reported in August that Italy’s greatest financial institution was getting nearer to securing approval from Moscow to switch its Russian enterprise to native administration as Russia’s stance on asset disposals shifts.
Intesa couldn’t instantly be reached for remark.
The decree, which was dated Sept. 28, cited one other decree signed in August 2022 by Putin, which gave him the ability to challenge particular waivers for sure offers involving vitality and finance property to proceed.
The newest decree stated Moscow was allowing transactions that may result in the direct or oblique disposal of 100% of Intesa’s shares.
Intesa serves company shoppers in Russia, the place it had round 980 staff at the beginning of the Ukraine battle throughout 28 branches. It stopped new financing to Russian shoppers and contemporary investments in Russian property when the battle broke out.
Russia has steadily tightened exit necessities since Western firms began leaving quickly after Moscow started what it calls a “particular navy operation” in Ukraine in February 2022. Executives say navigating the principles is turning into more durable.
Since final 12 months, Intesa has tried to sever ties with its native enterprise however Western sanctions hitting potential patrons have made it troublesome for European banks, together with rival UniCredit and Austria’s Raiffeisen Financial institution (RBI), to exit Russia.
The inexperienced mild for Intesa might pave the best way for comparable approvals for different lenders nonetheless entangled in Russia.
(Writing by Maxim Rodionov and Alexander Marrow; Modifying by Susan Fenton and Mark Potter)