- How did the removal of Russia from SWIFT affect the payments on iuvo?
The removal of Russia from the SWIFT system does not allow the free movement of capital to and from Russian banks. This way Kviku is unable to make payments like they did before. The restrictions do not allow access of Russia to international markets.
- How do the imposed restrictions by the presidential decree regarding export of money in a foreign currency from 02.03.2022 affect the payments?
The Russian President Vladimir Putin signed a decree that prohibits the export of money from Russia in a foreign currency that amounts to over 10 000 USD.
The imposed measures limit the free transfers, which Kviku can make to their counterparties, respectively to make payments on their liabilities to the investors.
- How do the announced on 05.03.2022 list of “unfriendly states” and the establishing of a commission to approve transfers outside of Russia affect the payments?
With the presidential decree from 05.03.2022, the Russian government approved a list of foreign countries and regions that commit unfriendly actions against Russia. The EU countries are among them. According to the document, the government, Russian citizens and companies that have liabilities in a foreign currency to foreign creditors from the list of unfriendly states will be able to repay only in RUB.
Besides that, all deals of Russian firms with citizens and companies from countries in the list will have to be approved by the government commission for control of foreign investments.
With these measures, another level of control is added to follow the outgoing transfers from Russia. This is yet another measure as a response to the sanctions, imposed on the country. With it, it will be harder for the companies with partners outside of Russia to make payments to them.
- Why did not I receive payments from Kviku after the removal of Russia from SWIFT and the statement about the possibility to make payments from their company in Cyprus?
The option for Kviku to make payments from their Cyprus company’s account was an alternative in case of restrictions for SWIFT transfers, which were expected to happen. The additionally imposed restrictions from the Central Bank of Russia, however, excluded this option as well. This way the alternatives for free transfer of capital outside of the Russian Federation are blocked. It is important to note that the main business of their holding and cash turnover is carried out in Russia.
- What was the effect of the development of additional technical possibility because of which the payments were suspended?
Iuvo prioritized the development of additional technical possibility to ensure the distribution of payments to investor accounts after we have received them from Kviku first, with the purpose to increase safety levels if Kviku are able to make money transfers outside of Russia.
The technical development did not block the bank transfers from Kviku, but their distribution in the platform. Due to the restrictions on the transfers from and to Russia, we have not received a bank transfer.
- When will I receive payments from Kviku?
Payments will be received when Kviku have the possibility for money transfers outside of Russia. We are in constant communication with our partners Kviku in order to find a solution for receiving payments.
- Is Kviku going bankrupt?
Despite the conflict with Ukraine, the possibility for credit holiday and the high volatility of the ruble, there are not any significant changes in the main business indicators at the moment.
- How can I get informed about what is happening with Kviku?
We will publish weekly about the situation and how it affects our partners.