ROME: Three companies based in the United Arab Emirates have approached the Italian Treasury with a proposal to buy the Russian operations of UniCredit at a steep discount, a document seen by Reuters showed.

Under the plan, Dubai-based investment firms Asas Capital and Mada Capital would set up a special purpose vehicle and team up with Inweasta, an investment firm which already operates in Russia, the document showed.

News of the proposal was first reported by Italian daily Il Messaggero.

Asas, Mada and Inweasta did not immediately reply to a Reuters request for comment.

Inweasta's involvement would help ease any transaction as it specialises among other things in cross-border disputes resolution. Last year it bought Czech group PPF's Russian insurance business PPF Life Insurance LLC, securing approval from the central bank and the Foreign Investment Subcommittee.

"Inweasta facilitates obtaining all necessary regulatory approvals and transaction documentation in Russia," the document said.

A presidential decree and a green light from the Bank of Russia are necessary for Western companies to dispose of Russian assets.

The UAE consortium is proposing acquiring UniCredit's Russian business at a 60% discount to market value, the document showed.

UniCredit operates a commercial bank in Russia and has been steadily reducing operations there though it has challenged through the European General Court stricter deadlines to exit demanded by the European Central Bank.

Now it has also come under pressure from the Italian government which has requested the bank exits Russia by mid-January as part of conditions to authorise UniCredit's buyout offer for smaller domestic rival Banco BPM.

UniCredit CEO Andrea Orcel has repeatedly said he wanted an orderly exit which did not harm its shareholders by undervaluing the assets in any sale. (Reporting by Giuseppe Fonte in Rome, Writing by Valentina Za;Editing by Elaine Hardcastle)