UniCredit delays Q1 results to better manage cross-border Russia exposure

MILAN (Reuters) - Italian bank UniCredit said on Friday it had pushed back the publication of its first-quarter earnings to May 5, which would give it more time to manage its cross-border exposure to Russia.

UniCredit had originally scheduled the release of its first-quarter results for April 28.

UniCredit is among Europe's banks most at risk of writedowns on assets linked to Russia, where it runs the country's 14th-largest lender, AO UniCredit Bank. The European Union and the United States imposed stiff sanctions on Russia and wealthy Russians as punishment for the invasion of Ukraine on Feb. 24 - what Moscow calls a "special military operation".

It has a 4.5 billion euro cross-border exposure to Russian clients, net of guarantees worth around 1 billion euros.

UniCredit has calculated it could suffer up to 7.4 billion euro ($8 billion) in losses in the worst-case scenario of a full write-off of its Russian business, including its cross-border and derivatives exposure.

Banks exposed to Russian borrowers are looking for ways to reduce risks on their balance sheets.

Rival Italian heavyweight Intesa Sanpaolo said on Friday it had stopped any financing to Russian and Belarusian counterparties and any investment in Russian and Belarusian financial instruments, adding it was closely analysing its related business activities.

Intesa had previously said its Russian presence is under strategic review while UniCredit had said it is evaluating a potential exit from the country.

Earlier on Friday, UniCredit shareholders approved the group's remuneration policy with 74.6% of votes, the bank said, despite concerns raised by leading governance advisers over the pay package of new CEO Andrea Orcel.

($1 = 0.9197 euros)

(Reporting by Valentina Za; editing by Grant McCool)