UniCredit Flags Up To $8 Billion In Losses On Russia, Prudent On Buyback

UniCredit Flags Up To $8 Billion In Losses On Russia, Prudent On Buyback

By Valentina Za MILAN (Reuters) – Italy’s second-biggest bank UniCredit said a full write-off of its Russian business, including cross-border exposure, would cost around 7.4 billion euros ($8.1 billion), leaving its capital distribution plans hanging by a thread. UniCredit, which is one of Europe’s banks most exposed to Russia, said it would still be able…

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