We continue to monitor closely the sanctions against the Russian Federation and the retaliatory measures taken by the Russian Federation. On March 2, the Russian Central Bank (Bank Rossii) placed a temporary restriction on payments under loan agreements to non-Russian Federation citizens. Currently, this limits the ability of Kviku, an entity in regular and direct contact with the RF regulator, to make payments. This was shared with our team by Kviku’s CEO, Nikita Lomakin. In addition, alternative payment options, including through Kviku companies outside Russia, are being actively explored and we will update you when a workable solution is found.
For its part, iuvo is also in continuous contact with Kviku, and together we are considering all possible strategies to protect investors’ interest in view of the latest events.
At the moment, we can successfully restore the conversion from ruble to all currencies on the platform to assist customers with free funds in rubles to use them on the platform. Nevertheless, the situation continues to be extremely dynamic and you will receive reliable information in a timely manner should any changes occur.
We keep a real-time eye on all decisions that concern payments to and from the Russian Federation, and will continue to update the information for anyone invested in Kviku loans, as well as the measures themselves to protect investor’s interests.
The escalation of the Russian-Ukrainian crisis and the alarming news of today affect not only all of us as humans, but also all international financial markets. We, at iuvo, carefully follow the situation and we are ready with plans to respond to possible future escalation of the conflict. With the purpose to minimize the risk for the investors on the platform, iuvo took the following preventive actions regarding the loans of the originator Kviku with whose management we are in constant communication on the implementation of the optimal strategy to protect the interest of all of you:
- At the moment, all available for investment loans of Kviku are removed from primary market.
- The import of new Kviku loans is temporarily suspended.
- Temporarily the payments of Kviku loans are suspended. Iuvo works on the provision of additional technical possibility that will allow distribution of the sums in the investors accounts after we receive the payments from Kviku. After the provision of this technical possibility and after receiving the payments from Kviku, they will be distributed as payments for the loans.
- We have paused the currency exchange from and to RUB for all currencies.
- You will be able to buy/sell Kviku loans on secondary market.
We already shared with you the statement of the credit company for possible actions in case of sanctions regarding the free bank transfers, which you can get familiar with here.
We would like to remind you that Kviku is the only originator from the Russian Federation in our portfolio.