Italy foreign ministry to discuss Russian action against Unicredit

Rome: Italy’s foreign minister and officials will meet today (Monday) to discuss Russia’s recent action to seize assets or impose restrictive measures on Italian companies including UniCredit (CRDI.MI), opens new tab, sources with knowledge of the matter said.

On Friday a Russian court ordered that UniCredit’s assets, accounts and property, as well as shares in two subsidiaries, be seized as part of a lawsuit over an aborted gas project in Russia involving the Italian bank, court documents showed.

The ruling by a St Petersburg arbitration court covers 463 million euros ($503 million) in securities, real estate and accounts belonging to UniCredit as well as 100% of shares in UniCredit Leasing and UniCredit Garant.

Last month the Russian subsidiary of Italian water heating company Ariston (ARIS.MI), opens new tab was placed under the temporary management of an entity of Russian gas giant Gazprom (GAZP.MM), opens new tab as ordered by Russian President Vladimir Putin through a decree.

The sources said on Sunday that the legal action against Unicredit and the difficult situation of other Italian companies with Russian operations would be debated at a meeting on Monday convened by Italy’s Foreign Minister Antonio Tajani.