UniCredit S.p.A. (BIT:UCG) withdrew from a possible deal to take over Russian lender Public Joint-Stock Company Bank Otkritie Financial Corporation, with Chief Executive Officer Andrea Orcel signaling that the military build up in the region was a factor in the decision. “Given the geopolitical environment we decided to withdraw from the data room,” Orcel said in a media call on January 28, 2022. “The combined bank would have benefited from a much stronger market position and significant synergies without meaningfully increasing our exposure to the country” .

UniCredit had shown interest in Otkritie as part of the bank's plans to explore M&A opportunities, though investors greeted the news with skepticism and initially sent the bank's shares down more than 9%. U.S. President Joe Biden has warned of a possible Russian attack on Ukraine next month, while Moscow denies it plans to invade.