The figures

Russian assets, what Italy risked: from Unicredit to Intesa, Barilla and Ferrero

Italy has around 19 billion assets 'at risk' in tensions with Moscow

by Rome Editorial Staff

19 December 2025

2' min read

Translated by AI

Versione italiana

Key points

Claimed capital with interest
EU and Italian assets at risk
Italian billions

2' min read

Translated by AI

Versione italiana

After hours of negotiations between the Twenty-Seven, the agreement on the loan to Ukraine was reached during the night: Kiev will have EUR 90 billion to meet its financial needs in 2026 and 2027, a zero-interest European loan that will be repaid only after Russia has paid for the damage caused by the war. It will be joint debt based on the resources of the EU budget and not using the liquidity accrued from the Russian central bank's assets held by EU financial entities and mainly by Euroclear, a Belgian company but a major player in global finance. This option was discarded first and foremost due to the opposition of Belgium, on which most of the legal and financial risks of this unprecedented transaction would fall. High consequential risks for the other states that would have to provide guarantees that Belgium would not be left alone. Even Italy maintained initial doubts and reservations until the end.

Not only a case at the Moscow Arbitration Court against the Belgian Euroclear, where almost all Russian assets, frozen indefinitely a few days ago by the EU, are held. On the eve of the EU summit the Central Bank of Russia had announced that it would take similar action against European banks for the "illegal freezing or use of its assets".

Claimed principal with interest

According to the Bank of Russia, European banks are using those billions - about 210 billion - illegally. For this, they are demanding the return of the capital with interest and profits generated during these three years of sanctions.

Italian and EU assets at risk

If the 27 had decided to target Russian assets to finance Ukraine, some countries would have faced economic consequences. According to the Ria Novosti agency, the assets of EU countries in Russia that would have been at risk of reprisals amount to at least 238 billion dollars, rising to 285 with those of the other G7 countries, as well as Australia, Norway and Switzerland.

The Italian ones could have ranged between €15 and 19 billion, according to estimates by the local Italian business community.

Italian billions

Business sources in Moscow, quoted by Ansa, estimate the Italian assets that can be 'attacked' at EUR 8 billion: EUR 3.5 billion from Unicredit, EUR 2 billion from Banca Intesa, and up to EUR 2.5 billion of the total assets of the seventy or so companies that have production plants in Russia. These include companies such as Ferrero, Marcegaglia, Barilla, Calzedonia and Cremonini.

The other EUR 7 billion are Italian investments in Russian companies, about EUR 4 billion, and trade receivables of Italian companies, about EUR 3 billion. Finally, a further 4 billion or so are the estimated investments by Italian financial operators in securities and shares.