Sanctions against some Russian banks led to the blocking of Qiwi’s assets for 2.015 billion rubles in monetary terms. This is reported by Interfax with reference to the group’s report for 2022.
This represents 1.8% of Qiwi’s assets. As of December 31, 2022, they reached 111.926 billion rubles (an increase of 33.3% over the year).
The Group also points to the risk of a possible blocking of assets due to the interpretation of sanctions restrictions by a number of foreign institutions. For treasury operations, Qiwi holds certain publicly traded debt instruments and cash in foreign banks and other financial institutions.
“Because some of these credit and financial institutions tend to take a conservative approach to sanctions requirements or impose restrictions on investments and funds of Russian businesses due to reputational or other considerations, they may freeze debt and cash as part of the procedural aspects of compliance -requirements. There is no assurance that foreign banks or financial institutions will not take similar action against a significant portion of our assets in connection with the sanctions imposed on the Russian financial sector, including sanctions against sovereign financial instruments of the Russian Federation,” the report says.
Qiwi operates one of the largest payment services in Russia. The main owner of the company is Sergey Solonin.
Source: Rosbalt
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