United Arab Emirates-based companies have approached Italy’s government with intentions to potentially bid for the Russia unit of the Italian lender UniCredit SpA.

According to a document reviewed by Bloomberg, Mada Capital and Asas Capital plan to form a special purpose vehicle to facilitate the purchase of the asset. The project will receive support from the Inweasta group, and the sale process is expected to take between six to eight months, as stated in the document. This information was initially reported by the Italian newspaper Il Messaggero.

A spokesperson for the Italian government declined to provide any comments on the matter. Additionally, Kremlin spokesperson Dmitry Peskov and the press service of the Russian Finance Ministry did not respond to requests for comments.

UniCredit has been exploring options to exit Russia since the full-scale invasion of Ukraine in 2022. According to Bloomberg News, divesting from Russia is a condition set by the Italian government to permit a bid on Banco BPM SpA to proceed.

The Kremlin has made it increasingly challenging for international companies to withdraw from Russia, establishing a special commission to approve asset disposals. Businesses are now required to sell their assets at a discount while also paying an exit tax.

In 2023, Abu Dhabi’s Mubadala Investment Co. withdrew from a potential acquisition of UniCredit’s Russian operations, citing concerns that the US government would oppose the move, as reported by Bloomberg.