Sets 2025 targets to reduce Russia presence, but no full exit
Books charges after court seizure, partly offset by writebacks
Awaiting clarifications from ECB over Russia exit demands
Determined not to take unnecessary risks by complying with ECB

MILAN, July 24 Reuters Italian bank UniCredit said it aims to more than halve loans at its Russian unit by the end of next year to less than 1 billion euros 1.1 billion, after challenging a European Central Bank request to speed up its exit.

UniCredit last month appealed to the European Court of Justice against ECB demands to cut ties with Russia.

We remain determined not to take action that, by breaching local laws and regulation, provide Russia with a justified motive to intervene and take control of our local asset and the value that comes with it, CEO Andrea Orcel told analysts after UniCredit posted betterthanexpected firsthalf results.

UniCredit owns Russia39;s 15thbiggest lender and has the secondlargest presence there among European banks, after Austria39;s Raiffeisen.

With Russian banks cut off from the SWIFT global payments system, Western banks play a key role in crossborder payments.

All of our economies continue to purchase selected materials from Russia, and those materials go through the payment systems of three banks, Orcel said.

UniCredit plans to reduce crossborder payments at its Russian business to 8.5 billion euros by the end of next year, from 11.2 billion euros at the end of June.

Over the…