Italy demands ban on Russia-linked firms from Ukraine’s reconstruction

Italy has called for companies with ties to Russia to be excluded from Ukraine’s reconstruction efforts, arguing that those who helped fund Moscow’s war should not profit from rebuilding the country they helped destroy.

Italian Prime Minister Giorgia Meloni made the remarks during a conference in Rome focused on Ukraine's economic recovery, where more than €10 billion ($11.7 billion) in pledges were announced to support the war-torn nation.

“We want to work with Ukraine to ensure that those who have contributed to financing the Russian war machine do not benefit from reconstruction,” Meloni said in her speech.

Since Russia’s invasion of Ukraine in February 2022, the European Union has imposed sweeping sanctions targeting Russian energy revenues, banks, and its defense industry.

According to a statement from the Italian Treasury, Economy Minister Giancarlo Giorgetti also raised the issue in a bilateral meeting with Ukrainian Finance Minister Serhii Marchenko, emphasizing the need to scrutinize firms still linked to Russia.

Although both have significantly reduced their exposure, Italy's two largest banks — Intesa San Paolo and UniCredit — continue to operate in Russia. 

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