CEO Andrea Orcel is confident that Unicredit’s Russian subsidiary will be “practically eliminated” by the end of 2026, as he announced in an interview with the Financial Times. This response aligns with the ECB's requests to leave the country and corresponds with the indications of the Italian government, which had challenged the presence of Italy's leading financial group in Moscow. Quarter after quarter, Orcel provided the market with updates on the progress of Russian derisking, and in October, the bank implemented new restrictions on services for local corporate clients, rendering it "effectively unprofitable for Russian companies to depend on the Italian group." Banking commissions will rise progressively in the coming months, eventually doubling on December 1st. Furthermore, like with retail banking, applications to open current accounts will not be allowed. Prior to the war in Ukraine, Moscow accounted for 5% of the group's revenue and 1% of deposits, with 13 branches covering 0.5% of the market. Since then, the group has drastically reduced its country risk: by last June, cross-border exposure toward Moscow was almost wiped out (-94%), retail clientele had fallen by 60%, branches had dropped from 14 to 9, and staff numbers from 3,500 to 2,355.