UniCredit, a top-15 Russian lender, is expected to report higher revenue on Wednesday due to rising interest rates.

However, its exposure to Russia is causing regulatory attention.

The European Central Bank (ECB) has expressed concern about UniCredit’s position but has not taken any action.

UniCredit has resisted leaving Russia, as asset sales require presidential permission after Russia invaded Ukraine.

The Russian revolt has refocused market attention on geopolitical risks in Russia, with a maximum gross exposure of 5 billion euros at the end of March.