UniCredit and Raiffeisenbank are the first banks to take a stand against European Central Bank sanctions on Russia by appealing to the European Court of Justice. Based in Milan, UniCredit argues that the ECB’s demands go beyond its authority and has asked to freeze these requirements. The sanctions put banks in a tough spot: they can either sell their assets for low prices or face hefty fines.

Below is the press release from UniCredit:

Request to the Court of the European Union fo...