Less than a month before the invasion of Ukraine, UniCredit chief executive Andrea Orcel looked at buying a Russian bank and participated in a roundtable with Vladimir Putin to discuss business opportunities for Italian companies.
Now he is facing a €7bn loss as his entire Russian business could be wiped out.
The speed and severity of the invasion and western retaliatory sanctions have wrong-footed banks still operating in the country after the annexation of Crimea in 2014, which prompted most lenders to pull back from Russia.
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