📰 ReutersReutersCodex · 实盘不做把握 5/10
北京时间·源无时间·以抓取为准·⟳ 抓取 01:34:30·⚡ 决策 07-25 12:23:00 +10h48m·94.6 天前
欧盟批准窄幅制裁豁免，或帮助UniCredit完成长期停滞的Alfa相关交易
豁免可能帮助UniCredit处置2015年Ukrsotsbank交易取得的ABH Holdings少数股权，方向偏利好俄罗斯风险退出。
📄 原文Reuters↗ 原文
The EU has approved a narrow sanctions exemption that could allow UniCredit (CRDI.MI) to complete a long-delayed transa…
不做 UniCredit（CRDI.IT）
监管豁免方向偏正面，但未披露结算金额和资本/利润影响，对大型银行短线弹性不足，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-24 · 扩散 medium · price-in 风险 medium ↗
消息传播链
- 欧盟最新对俄措施允许监管机构为2015年既有期权义务释放冻结资金并授权股份转让。
- Reuters将豁免映射到UniCredit长期停滞的Alfa相关交易，知情人士称进展对该行正面。
关键理由
- 豁免可能帮助UniCredit处置2015年Ukrsotsbank交易取得的ABH Holdings少数股权，方向偏利好俄罗斯风险退出。
- 报道未披露该期权结算金额、释放资本规模或对UniCredit利润和资本充足率的量化影响。
- UniCredit本身为大型银行，该类单项监管豁免对短线股价弹性不足。
主要风险
- 仍需监管授权执行，且俄资产业务退出本身已是长期主线，新增信息可能被部分预期。
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原文全文
展开原文 · 2,043 字
The EU has approved a narrow sanctions exemption that could allow UniCredit (CRDI.MI) to complete a long-delayed transaction involving Russian businessmen Mikhail Fridman and Petr Aven, according to the latest package of measures against Russia.
European Union sanctions hitting Fridman, one of the founders of Russian investment firm Alfa Group, and long-time Alfa top executive Aven, had stopped UniCredit from completing a transaction agreed in 2015.
The latest sanctions package approved by the European Council on Thursday allows regulators to authorise transactions involving the two businessmen when necessary to settle a put option that was agreed and exercised before Russia's 2022 invasion of Ukraine.
"Those derogations are narrowly circumscribed to allow a Union operator to exercise a specific pre-existing contractual obligation, arising from an agreement concluded in 2015," the EU said.
Under the exemption — which does not mention UniCredit — regulators can release frozen funds and authorise the transfer of shares and related payments needed to settle the option.
A person briefed on the matter said the development was positive for Italy's second-biggest bank.
UniCredit announced an accord in August 2015 to sell its Ukrainian subsidiary Ukrsotsbank to Luxembourg-based ABH Holdings (ABHH), the parent company of Alfa Bank, in exchange for a minority stake in ABHH.
The transaction contained a put option allowing UniCredit to dispose of that stake after five years. However, EU sanctions imposed on Fridman and Aven prevented the deal from being completed.
UniCredit is in talks to sell to an unnamed United Arab Emirates investor parts of its Russian business.
After failing to extricate itself quickly from Russia at the start of Moscow's war in Ukraine, the bank led by Andrea Orcel has been shrinking its Russian operations due to mounting pressure from European Central Bank supervisors and the Italian government.
On Thursday, Orcel told analysts the Russia exit process was on track.
European Union sanctions hitting Fridman, one of the founders of Russian investment firm Alfa Group, and long-time Alfa top executive Aven, had stopped UniCredit from completing a transaction agreed in 2015.
The latest sanctions package approved by the European Council on Thursday allows regulators to authorise transactions involving the two businessmen when necessary to settle a put option that was agreed and exercised before Russia's 2022 invasion of Ukraine.
"Those derogations are narrowly circumscribed to allow a Union operator to exercise a specific pre-existing contractual obligation, arising from an agreement concluded in 2015," the EU said.
Under the exemption — which does not mention UniCredit — regulators can release frozen funds and authorise the transfer of shares and related payments needed to settle the option.
A person briefed on the matter said the development was positive for Italy's second-biggest bank.
UniCredit announced an accord in August 2015 to sell its Ukrainian subsidiary Ukrsotsbank to Luxembourg-based ABH Holdings (ABHH), the parent company of Alfa Bank, in exchange for a minority stake in ABHH.
The transaction contained a put option allowing UniCredit to dispose of that stake after five years. However, EU sanctions imposed on Fridman and Aven prevented the deal from being completed.
UniCredit is in talks to sell to an unnamed United Arab Emirates investor parts of its Russian business.
After failing to extricate itself quickly from Russia at the start of Moscow's war in Ukraine, the bank led by Andrea Orcel has been shrinking its Russian operations due to mounting pressure from European Central Bank supervisors and the Italian government.
On Thursday, Orcel told analysts the Russia exit process was on track.
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