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Russia Restricts Local Operations for Italy’s UniCredit, Intesa

  • New temporary measures to have effect on consular operations
  • Central bank said to tell Italy banks curbs in place one year

Russia’s central bank has imposed a new temporary round of restrictions affecting Italian companies, consulates and citizens with accounts at local units of lenders UniCredit SpA and Intesa Sanpaolo SpA, people with knowledge of the matter said.

The lenders received letters from the central bank stating that from May 25 for a period of one year, Italian individuals and firms with accounts at the two lenders’ Russian units cannot withdraw funds without permission from their local management. Those individuals and companies will be barred from opening new accounts, according to the people, who asked not to be named discussing confidential information.