Latest news with #Giancarlo Giorgetti
Reuters
a day ago
- Business
- Reuters
UniCredit presence in Russia poses sanctions risk, Italy FinMin says
ROME, July 30 (Reuters) - UniCredit's ( opens new tab investments in Russian sovereign bonds through its local unit expose the group to the risk of possible international sanctions, Economy Minister Giancarlo Giorgetti said on Wednesday. He added that the Italian government had acted to defend the national interest by imposing tough conditions on UniCredit's failed bid for Banco BPM ( opens new tab through so-called "golden powers" aimed at shielding key assets. "UniCredit's Russian unit has made substantial investments in Russian sovereign debt that expose it to the risk of international sanctions," Giorgetti said during a Q&A session in parliament. Earlier this month, UniCredit withdrew its takeover bid for smaller rival Banco BPM, blaming government intervention for scuppering the 15 billion-euro ($17 billion) deal. Among several conditions, Italy told UniCredit it had to halt activities in Russia, except for payments to Western companies, by early 2026, to prevent savings collected by Banco BPM from benefiting Moscow's economy as it continues its war against Ukraine. Following supervisory demands, UniCredit has sharply cut its exposure to Russia, but it needs approval from Russian authorities to leave the country. Giorgetti mentioned sanctions adopted in stages by the European Union against Moscow since Russia invaded Ukraine in February 2022. The sanctions have targeted Russia's energy revenues, banks, and military industry, and frozen hundreds of billions of its central bank's reserves. Italy also backed a stance agreed by the G7 major democracies stating that firms that have helped Russia fund its war on Ukraine by doing business with the country should be excluded from profiting from Ukraine's reconstruction.
Bloomberg
18-07-2025
- Business
- Bloomberg
Italy's Giorgetti Is Worrying About Fallout From the Trade War
Italian Finance Minister Giancarlo Giorgetti said he's concerned about potential damage to European economies from trade tensions and the weakening of the US dollar. 'We are worried about the impact of economic uncertainty and persistent commercial tensions on our economies,' Giorgetti said on Friday, speaking from South Africa where he is attending a Group of 20 meeting of finance ministers. 'The weakening of the US dollar is adding to the impact of higher tariffs.'
Reuters
18-07-2025
- Business
- Reuters
Italy at G7 warns about risks of trade tensions, dollar weakening
ROME, July 18 (Reuters) - Italy is concerned about trade tensions triggered by the threat of U.S. tariffs, and about the devaluation of the dollar, its economy minister told his international partners on Friday at a meeting of G7 finance chiefs in Durban, South Africa. "We are concerned about the impact of economic uncertainty and persistent trade tensions on our economies," Minister Giancarlo Giorgetti said in a statement issued by his staff on the sidelines of the gathering. In an escalation of a trade war that has angered U.S. allies and rattled investors, President Donald Trump this month announced a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. Italy in April estimated a negative impact of 0.3% on its economic output this year, under the assumption of a 20% U.S. tariff on European Union countries. "The weakening of the U.S. dollar exchange rate is adding to the effect of increased trade tariffs," Giorgetti said in his comments in Durban on Friday. The minister also said that firms that have helped Russia fund its war on Ukraine by doing business with Moscow should be excluded from Ukraine's reconstruction, reiterating a position he has already expressed.
