(Bloomberg) -- UniCredit SpA is likely among lenders that have received a letter by the European Central Bank urging them to reduce their exposure to Russia, after Raiffeisen Bank International AG last month revealed it was told by the regulator to further cut its Russian business.

“Every single bank in Europe that has any kind of exposure to Russia, has likely received the letter” from the ECB, UniCredit Chief Executive Officer Andrea Orcel said Tuesday. He declined to comment on UniCredit specifically.

The regulator’s letter prompted Raiffeisen to suspend its full-year targets, and fueled speculation whether UniCredit received a similar letter. 

Orcel has so far eschewed the kind of full-scale exit from Russia conducted by Societe Generale SA. He said his bank’s strategy is in line with regulators expectations and that he’s proceeding with a plan to cut the Russian cross-border exposure to zero by the end of next year.

Read More: Raiffeisen’s Stalling Russia Strategy Gets ECB Reality Check

The Italian lender has taken provisions in Russia and written down the value of its business there. The bank has cut its cross-border exposure by 91%, while the local business reduced branches and staff by about 20% as of March 30, according to a slide presentation.

UniCredit operates in Russia through its AO UniCredit Bank subsidiary, which offers services to corporate and individual clients. It has about 3,100 employees and more than 50 branches. Since the beginning of the war, the Milan-based lender put aside funds against defaults in Russia and wrote down the value of its business there.

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