MILAN—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 to pay proposed cash dividends for 2021 even in an extreme scenario where it zeroed its exposure.
