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Reuters
04-07-2025
- Business
- Reuters
Bank of Italy selects 4 systemic risk countries for lenders, including Russia
MILAN, July 4 (Reuters) - The Bank of Italy said on Friday it had selected the United States, Great Britain, Switzerland and Russia as countries outside the European Union that its banks have significant exposure to, under rules designed to govern systemic risks. The Bank of Italy used end-2024 data to measure banks' exposure to those countries in relation to their overall exposure. Top Italian lenders Intesa Sanpaolo ( opens new tab and UniCredit ( opens new tab are both present in Russia, the former serving only corporate clients while the latter owns a retail bank. UniCredit said in an update of the investor document relating to its takeover bid for Banco BPM ( opens new tab that its Russian unit had increased its holdings of local government bonds in the first quarter to 754 million euros ($888.06 million) from 574 million in December. ($1 = 0.8490 euros)
Yahoo
04-07-2025
- Business
- Yahoo
Bank of Italy selects 4 systemic risk countries for lenders, including Russia
MILAN (Reuters) -The Bank of Italy said on Friday it had selected the United States, Great Britain, Switzerland and Russia as countries outside the European Union that its banks have significant exposure to, under rules designed to govern systemic risks. The Bank of Italy used end-2024 data to measure banks' exposure to those countries in relation to their overall exposure. Top Italian lenders Intesa Sanpaolo and UniCredit are both present in Russia, the former serving only corporate clients while the latter owns a retail bank. UniCredit said in an update of the investor document relating to its takeover bid for Banco BPM that its Russian unit had increased its holdings of local government bonds in the first quarter to 754 million euros ($888.06 million) from 574 million in December. ($1 = 0.8490 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Asharq Al-Awsat
23-06-2025
- Business
- Asharq Al-Awsat
Italy Has Frozen Russian Oligarchs' Assets Worth over $2.6 Billion
Italy has frozen Russian oligarchs' assets valued at around 2.3 billion euros ($2.64 billion) since the invasion of Ukraine in 2022, data provided by Italian authorities show, with the most recent seizures occurring at the beginning of the month. Italy seized assets - including bank accounts, luxury villas, yachts and cars - as part of the European Union's sanctions against the Kremlin and its backers. The Bank of Italy had said that at the end of June 2023 their value amounted to 2.5 billion dollars, said Reuters. This month it did not update the total amount, but said that the funds frozen due to sanctions against Russia totaled almost 280 million euros up to December 2024 — a 44 million euro increase from the previous year. Separately, the tax police seized in early June an Iranian company based in Milan, Irital Shipping Lines, and two of its properties worth a total of more than 1 million euros, due to "Iran's military support for Russia's war of aggression against Ukraine". The company has not yet responded to a request for comment emailed by Reuters. MAINTENANCE COSTS Italy's State Property Agency holds all non-liquid assets frozen due to EU sanctions and the Italian government bears the costs of managing these assets during the freezing period. According to the latest official data available, the costs incurred by the State for their maintenance amounted to 31.7 million euros up to February 2024. When asked about the level of maintenance cost incurred by Italian taxpayers so far, the agency said it could not provide the information because it "is covered by official secrecy." Reuters calculation suggests that costs may have increased by around 15 million euros to more than 45 million euros to date. The fate of these assets rests with the European Union. If the EU decides to make the freezes permanent, the state must initiate proceedings to convert them into confiscations. If Brussels decides to unfreeze them, the assets can be returned to their owners, provided that they pay Italy the maintenance costs incurred.
Reuters
12-06-2025
- Business
- Reuters
Italian firms in Lombardy strategize against US tariffs
MILAN, June 12 (Reuters) - More than half of the companies from Italy's industrial heartland which export to the U.S. are studying countermeasures to tariffs, including establishing a bigger presence across the Atlantic, the Bank of Italy said on Thursday. Presenting a report on the northern region comprising Milan, the central bank said the U.S. accounted for 8.6% of exports out of Lombardy, with beverages, fashion, furniture and pharmaceutics more exposed to tariff risks. That was slightly below the national average, as Italian exports to the United States account for 10.5% of the total. The Bank of Italy said 54% of Lombardy-based companies which sell goods in the United States were adapting their strategies to President Donald Trump's announced tariff hikes. Around 18% of the firms planning countermeasures said they would look for new markets while some 14% are looking to increase their local presence, the central bank found. The remaining 46% of companies surveyed said they were not planning action as their share of U.S. exports was small or because they deemed alternative moves to be too costly.
