MILAN, Jan 31 (Reuters) - UniCredit Chief Executive Andrea Orcel tells media call:

* Bank no longer sees Russia as a source of substantial volatility

* Bank has had extensive discussions with supervisors over capital distribution, confident to get ECB authorisation

* Conditions for M&A have not changed, it must be a strategic fit and add value per share and for distribution

* Asked about Monte dei Paschi, if one day conditions are there for M&A at our terms "we'll see, today that is not the case" (Reporting by Valentina Za)