ROME (Reuters – UniCredit chief executive Andrea Orcel ruled it out Tuesday that negotiations with Italy’s Treasury about the sale Monte dei Paschi di Siena bank state-owned, were possible.

Orcel stated that the negotiations were over after attending the Bank of Italy’s annual general meetings in Rome.

Orcel stated that Russia is not a concern for UniCredit, as it owns the nation’s fourteenth-largest banking institution. UniCredit also noted that the Italian lender has set aside money to pay potential losses in its first quarter. UniCredit booked more than 70% from the possible maximum capital hit due to its Russian exposure.