FAQ about Russian and Ukrainian lending companies on Mintos
Dear Investors,
For the past few months, we have been closely following tensions caused by the Russia-Ukraine crisis, as we work with lending companies in both countries. We’re now reacting to the most recent developments in this case.
Please see our latest Blog Post here: https://www.mintos.com/blog/mintos-takes-precautionary-measures-on-the-platform-in-the-case-of-the-russia-ukraine-crisis
Currently, we don’t experience any interruptions in repayment flow from borrowers of Russian and Ukrainian lending companies on Mintos. We also reached out to the lending companies for their comments, and according to their feedback, the current situation does not affect borrowers’ repayment discipline.
At the moment, we can’t predict how further escalation of the crisis and sanctions might affect the lending companies in these markets. We are monitoring the situation, and as a precautionary measure, we’re reviewing the impact of the market risks on the Mintos Risk Score for loans from the lending companies from Russia and Ukraine.
Based on this, we decided to remove loans from Russian and Ukrainian lending companies from the Mintos Conservative strategy. This automated investment tool selects loans for investments in the score range from 7 to 10. In case further developments require a decrease of the Mintos Risk Score for loans from Russian and Ukrainian lending companies, these loans will not be fit for the Mintos Conservative strategy anymore. We’re introducing this precautionary measure to prevent that from happening.
If you have any questions or feedback, please let us know!
We kindly invite you to our special AMA session to discuss topics related to the impact of the war in Ukraine and sanctions for Russia on Mintos, the state of relations with lending companies from Russia and Ukraine, and the effects on investors on Mintos.
AMA will be hosted by Martins Valters, Mintos Co-founder, COO/CFO on Monday, 7 March 2022 at 16:00 CET
Please check more information here:
https://help.mintos.com/hc/en-us/community/posts/4603758562705-Live-Mintos-AMA-dedicated-to-the-current-state-of-the-market
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Hello Mario Dianov Kasabov, today there will be Mintos Webinar https://www.mintos.com/blog/idf-eurasia-invites-to-webinar/ regarding IDF Eurasia. We encourage you to join and there you should receive some answers to your questions.
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Hi @...,
First of all, thanks for the reply to my post. I will join the meeting!
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Hi Mario Dianov Kasabov, also the recording is available here https://www.youtube.com/watch?v=VSwDZYDygF0&ab_channel=IDFEurasiaTalks
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Hi Gerardo Celso Guerreiro Mestre
Regarding Kazahstan: please see the latest information here: PENDING PAYMENTS
and regarding Belarus, please see our yesterday update here: UPDATE 16 March 2022
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Dear Investors!
As mentioned in our official comment, we are working on a detailed insight for investors about the structure of repayment processes from the lending companies from Russia and about the possible outlooks for recovery of funds related to investments in loans from this market. But first, we want to start with a general overview of how sanctions for Russia and the country’s response impact currents of international financial markets. The effects are extending to anyone with exposure in Russia, from the largest banks and investment funds to companies like Mintos.
We welcome you to share your comments and questions here, and we will try to include them in the upcoming article, or answer them in the Community.The full overview can be found here: OVERVIEW
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Hi Anna
As I mentioned to your colleague Linda, if I can't receive my money back I would accept Bitcoins or Ethereum in exchange of my Russian pending EUR.
Sanctions to Russia are going to be long and we need to have this problem fixed.Thanks
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Hi Anna,
Same here - Bitcoin would be a perfect solution. Here my question for the upcoming article, i hope you will take it and answer it in detail there:
Is it a possible way to pay out pending payments from russian loan companies to you via bitcoin?
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I would accept even potatoes, carrots and other vegetables like this; gel showers, soaps and other cosmetics like this. Everything I use on my daily basis and I can sell.
@Mintos, this comment is to show you how agile we are. Now show us how agile you are.0 -
Hi Anna,
couple questions:
1. Pending payment means the payment is in a Mintos controlled account and hence the full amount is secured it's just not leaving Russia at the moment?
2. In my case I have diversification settings turned on yet I now find 1/3 of invested amount is with 1 lender, how can this be?
3. not all banks have been thrown out of Swift so why not shift to one of those?
thanks
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Здравствуйте! Почему я не могу ни вывести, ни обменять на евро собственные свободные средства (тенге) на моём счету в Минтос?! Где в подписанном нами соглашении указано, что вы НЕ ОБЯЗАНЫ вернуть мне мои СВОБОДНЫЕ средства на моём собственном счету, по первому требованию?! Меня не интересуют ВАШИ сложности обмена, меня интересует: ПОЧЕМУ мне НЕ ХОТЯТ вернуть МОИ деньги?!
Я уже не говорю о том, что ситуация с Wowwo - просто повисла в воздухе и информации о состоянии дел по ней нет вообще.0 -
Hi Tarek Stassen,
In general, Pending payments are money that is in the process of being credited to the investor account. They happen when the lending company informs us via API that a borrower has made a payment. At this point, we only have the info, and we’re waiting for the lending company to transfer the money to us. We’ll credit the money to the investors as soon as we have it. (https://help.mintos.com/hc/en-us/articles/360007019497-Why-does-Mintos-have-pending-payments-)
Because of imposed sanctions, Russia is largely cut off from accessing the international financial system, therefore payments are affected. We are working on solutions. Please follow the updates on our Blog https://www.mintos.com/blog/overview-the-exclusion-of-russia-from-the-international-economy/ and https://www.mintos.com/blog/overview-the-exclusion-of-russia-from-the-international-economy/
In order to help you regarding diversification settings, we kindly ask you to submit a request here https://help.mintos.com/hc/en-us/requests/new so we can look at your case individually.
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Hi Oleksandr Hryshchenko,
Please see the latest updates and information regarding the KZT exchange here https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/
On Tuesday there was a Wowwo update published in the respective Thread: https://help.mintos.com/hc/en-us/community/posts/4419635363985
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Hi @..., are there any new updates regarding the situation in Russia?
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Only from PeerBerry :)
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Mintos, this is what your competitors are doing. If they can somehow manage to return at least part of the affected funds to their investors, why aren't you as the market leader in your field doing this?
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I am very angry about Mintos. If I would be owner of Mintos I woulf do everything to pay back the money of the investors.
@Mintos: why is Peerberry able to do more than you?
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@Mintos: Same question here - why dont you deliver any solutions? why do other competitors can deliver solutions?
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@Mintos: perhaps you can communicate on WHICH solutions you are working?
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Mintos is a regulated institution. They marketed it to the investors that there is better protection for investors.
Where do we see this protection taking place?
Micro Capital has Russian loans and group guarantee. When even those are paid? When will we get payments from the other Russian LOs?
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@Annija (Mintos)
Could you explain where is the problem to pay via BTC or advcash.
It's not my business, but yours and the loan company, and you should return our investments on time.
Annija tell us what you have already done.1 -
Dear Investors,
Thank you for the feedback and submitted questions. We will come back shortly with the answers.0 -
@MINTOS, I just would like to notice - for the last month you haven't provided us with any updates on Russian loans. Are you going to do this or this silence means you don't have any updates because you don't do anything?
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I agree.
Ruble/euro rate is now very lucrative for the LOs.
Mintos really have options to proceed with the payments if they want.
1) Grab bank notes from Russia (send someone to get them) and convert them into euros.
2) Grab bank notes, buy Russian items that have market value in Europe, bring them to Europe and sell for euros.
3) If it is possible to get even some money as bank transfers, then get them
4) Alternative methods of payment (cryptos etc).
Just to name a few.
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I would assume there is market for eur/rub close to Russian border. At least in Finland a lot of people travel to Russia in order to fill their gas tank and for that purpose they need rubles because these days European Visa and Mastercard are not working in Russia.
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So, if sanctions against Russia lasts forever, are you keeping us without our money forever and you are not going to take any actions to recover it?
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AFAIK, there are western companies still working in Russia.
The sanctions are often self put by the companies that try to virtue signal and "act responsibly".
I hope this is not the case of Mintos because it is the investor's money, not Mintos' money.
I have shown multiple methods of getting those payments coming from Russia. Which ones Mintos is going to implement?
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Mintos,
you do not answer the questions of your investors in detail.
Many guys have good ideas and solutions to solve the problem we all have see post from Jarmo Ville Vikki for example from yesterday - he wrote 4 possible ways.
So if you do not answer in detail or tell us why those ways do not work till 30.04.2022, i will include my lawyer (in my case) and i will publish every correspondence with him and you for the community.
you had enough time now to give answers. we asked many times.
so again - tell us your ways and options you work on. i think iam not the onliest guy who will act with the help of lawyers - we all have the same probs and questions so give the answers to your investors now.
thanks
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Dear Investors and Petra Christina Zaagman, Łukasz Józef Ambryszewski, ALEXANDER GROSS, Philipp Gernot Schneider, Jarmo Ville Viikki, Sergio Pujol Calle,Our latest update regarding funds in Recovery was on Thursday, 14 April 2022. Also, the Part Regarding Russia and Ukraine was specially covered there. Here is the link to the specific part: https://youtu.be/Mn0LOZKQr-8?t=670We specifically covered the points: RUB Exchange, RUB Transfers, Use of other Channels like Crypto, what are we doing, and explained the PeerBerry example. We encourage you to listen to this part.To sum up:The option to exchange RUB is very limited due to large fluctuations. It is possible to send out RUB, however, there is the problem of receiving those payments in Europe. About other Channels like crypto, it is really not an option as we need to take into account that Lending Companies are regulated and there are capital controls for them.If companies are able to and want to pay us they technically do not have the ability to make payments. Therefore we are actively looking for alternative solutions for transfers together with Lending Companies. Please note that it does not happen in one day as changes in agreements etc. must be done because of Capital Controls.Please note that the Lending Companies with Group Guaranties will not be impacted, in this case, it is Mikro Kapital.Regarding Peer Berry, we cannot comment exactly on the business model of PeerBery, but it looks like the funds will be repaid by lending companies which for us sounds like a Group guarantee which in our case has Mikro Kapital.Unfortunately, for other Russian companies, there is no Group Guarantee, therefore we need to look for other solutions.We hope that this gives you some updates and valuable information. We also encourage you to read this article https://www.mintos.com/blog/sanctions-and-russian-retaliation-disrupted-market-conditions-and-their-impact-on-payments-to-mintos-and-investors/We hear you, see all your comments, and are working on finding the best solutions. As soon as we will have some updates, we will immediately share them with you.0
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Thank you @Annija (Mintos)
I like that you have summarized the AMA part dedicated for Russian Loans affected by the war but I request Mintos to publish updates on these loans on the page that is dedicated for this purpose:
https://www.mintos.com/blog/russia-ukraine-war-impact-updates-2
Not everyone has 1h time to spend it on watching AMA session and hoping to be provided with an information about Russian loans.
I also request Mintos to regularly (every 1-2 weeks) provide investors with information on what solution(s) you've been working on last week. E.g. "Last week we've been analyzing if crypto curriency transfers are possible. The outcome is it's not possible due to the fact that it's forbiden for the regulated entities." If you share such information with us, who knows maybe by chance one of the Mintos investors will be able to suggest a good workaround for the sanctions.1 -
Thank you for the updates provided in the AMA!
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