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Italian banking group UniCredit looking to sell its Russian subsidiary via a deal that can be reversed after the situation stabilises, Bloomberg reported citing unnamed sources.

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The Milan-based bank is exploring several possible deals that would allow it to buy the unit based on the market and geopolitical conditions, the sources said.

UniCredit CEO Andrea Orcel wants a deal that will not add to the cost incurred by the group due to the war in Ukraine.

As per the report, the Russian arm of the bank has already cost UniCredit around $1.9bn.

Several non-sanctioned financial institutions and entities wanting to secure a banking licence have expressed interest in buying UniCredit’s assets.

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Due to the downpour of sanctions from the US-led western alliance, UniCredit has also widened its search for buyers from nations such as China, Turkey, and India.

UniCredit, French bank Societe Generale and Austria’s Raiffeisen Bank International were among the top foreign operating in Russia when it invaded Ukraine.

The invasion triggered unprecedented sanctions, which have made it extremely difficult for foreign firms to operate in Russia.

“Writing it off and gifting it is not consistent with sanctions and is, in our opinion, not morally correct,” Orcel, whose approach is in contrast with Societe Generale, had said last month.

Earlier this year, the French bank reached an agreement with Interros Capital to exit Russia while taking a hit of around €3.1bn.