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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Weekly update... More than a month ...
Again nice communication from Mintos...3 -
Dear Mintos,
I need an update on what are you doing with peding payments from Russian companies. More than 3 months we've been patient, but we receive no actual feedback despite some common explanations why it is difficult to do something. Please advise us are you actually doing something? Have the Russian companies at least pay each month up to the limit they can according to the law in Russia? An why we do not have right for interests on these payments? War is not declared so there is no force majore.
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The countries of the world are moving into CBDCs (Central Bank Digital Currencies).
It seems these "crisis" we have been facing recently are because they want to make the system crash so that these changes are justified.
The timeline for Russia's CBDC is that on April 2023 (less than 1 year from now) they would be able to make first transactions with them. I think the rest of the world will follow. When those are complete everywhere, it is likely those sanctions are being lifted and we get our money back. There are several disadvantages (like increasing control and surveillance) but the advantage is that those transactions are almost instant (they will not be ran by SWIFT which sometimes takes several days to be cleared). So we can say good bye to "pending payments".
I think the Central banks are doing this with Ripple.
If you do not believe this, then just research it. :-)
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penka.ivanova
You are right. As a creditor, I want my money back. Until I received them, interest is required.
If nothing helps, the lawsuit will bring a solution.
Jarmo Ville Viikki
Waiting until April for CBDC approval is unacceptable. In 2023 Rub may be nothing.
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Hello @...Ten days have past.. where is the planned update of one week ago and the answers to my questions?
Thanks-----------------------------------------------------------------------------------------------Any news regarding...
- the status of the investors money from loans in Russia
- the actions done by Mintos in order to recover it
- the alternative payment methods you can offer to the investors-----------------------------------------------------------------------------------------------
S P, thank you for your questions. The next update is planned soon the next week, it will be published here as well.
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@Annija
Could you take us seriously and start answer the questions?
As i see, you are active in other threads.3 -
@...
If the questions from the investors are replied within the expected outcome (without secrets or avoidances), Mintos won't have such chaos on the Community Posts.
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@...
Would Mintos (as Peerberry did, unofficially (managed by the community)) join a Telegram group with the investors?
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@... !
People are asking questions and nobody from Mintos "team" gives a shit... What great "team" you are...
I appeal to every single investor: I am still gathering people (I have already contacted several) with whom to file a joint lawsuit against this "amazing" team that operates with our money, without clarity !!!
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Pending payments from Kviku 18 663 948 EUR
10 000 000 RUB per month allowed to send by russia (152 924 EUR by google)
18 663 948 : 152 924 = 122 ( +- 10 years) to repay full amount to investors
Sorry, but its absurd to no charge interest rate.
Do you know how much the value of invested money will decrease in 10 years?
Ok, both sides can't blame the conflict.
I take half the interest rate agreed in the loan as a compromise
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Dear Investors, please find the latest 31st May update here https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/
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Dear @...
What about the next update for investors? Last was 10th of june.
"As far as alternative payment channels from Russia are concerned, we are pleased to inform you that there are some new developments in setting them up. "
What kind of are you speaking from? Any further timeline? Costs?
Thank you for keeping us in loop a little bit more..
Philipp
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Hi @..., I second that. When can we expect an update?
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Here we go again. Annija doesn't take us seriously. I'm curious what Mintos has done since the last update.
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Hello,
News from IUVO platform for Kviku LO
"Kviku received the right from russian central bank to make money transfers of up to RUB 10 mln per month to all of their international creditors combined that are in the “unfriendly states” list. Each creditor has to receive a portion of this amount that is proportional of its share in the total debt of Kviku to creditors in “unfriendly states”. The share of iuvo for June is RUB 900 000."
What portion goes to Mintos?
"The transfer for June is received. Therefore, the received money transfer from Kviku is in the Russian currency. The amount is already distributed to investor accounts in RUB."
What is the situation on mintos, are payments finally made in rubles?
Currency exchange EUR/RUB - still not possible, there they are still looking for methods, but they offer an alternative to investors
"If an investor that has received an amount from Kviku in RUB has a bank account in the Russian currency, we can make a transfer to it"
What intermediaries does Mintos plan to use?
What intermediaries did you try to use and it didn't work? IUVO informs everyone about this, why doesn't this work on Mintos?
@... I suspect you'll probably pretend you're not here, but these questions are for you.
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Dear Investors, please note that establishing alternative payment routes takes time. We want to have the solution as soon as possible, but it involves many steps that need to be done. We hear you and assure you that we are working on this as our priority. As soon as there is news, we will share it.
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Dear Ondrej Bobek,
Since then, there has been barely any change when it comes to transferring payments that are due to investors and Mintos. Laws and requirements within the Russian borders are set up in a way that only a limited number of banks can transfer limited amounts from Russia on a monthly basis – and even then, only in rubles (up to RUB 10 million). Outside of Russia, banks are reluctant to receive any payments in rubles. And even when they accept rubles, an exchange for euros is only possible when another client of the bank wants to purchase rubles. That’s why we’re currently preparing a setup with a third-party service provider who offers a solution for both receiving the payments in rubles and exchanging the rubles to euros. This service should enable easier transactions of still limited amounts in RUB from Russia, and it’s not related to the alternative routes setup we mentioned in the previous communication. We will share more information about the success of this setup in the following days.
Here you will find the latest updates: https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/
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Hello Mintos,
if you will be in touch with Nikita Lomakin(CEO of Kviku), tell him to stop playing with us.
Kviku has a lot of euro money in europe, Kviku also offers loans in Spain and Poland, if there was a strong willingness to pay off his obligations, he would do it.
For some unknown reason mintos does not have a group guarantee with kviku (???), other platforms have it with kviku, why not mintos? (and this is the key point why they are getting paid right now).
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Lucja (Mintos)
@...
are you kidding us with this news 30 das later???? is this a bad joke??????
WHAT ARE YOU WORKING ON???????????? GIVE US DETAILS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"Progress on alternative channels for payments from Russia
There are several areas of work for setting up alternative channels for transferring payments from Russia. Both Mintos and the credit companies are taking care of these."
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Dear Philipp Gernot Schneider,
please see the latest update from the 8th of July here https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/
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@...
I don't know if you take us seriously here. i saw the update - i copy pasted it in my mail - do you really read my mail seriously??????? again for you - and i hope you will answer this time:
WHAT ARE YOU WORKING ON???????? WHAT ARE THE ALTERNATIVE CHANNELS MINTOS IS TALKING OF???
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Philipp Gernot Schneider,
We are working on setting up a potential third-party provider who would offer a solution for both receiving payments in rubles and exchanging rubles for euros. You can read more about this in the update from 31 May 2022. We have submitted the required documents, and they are now being reviewed by the provider. This setup would enable transfers in rubles within the RUB 10 million monthly limit imposed by Russia. We are working in parallel on alternative routes with a different setup, as soon as there will be news we will inform Investors accordingly.
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@...
its just the alternative routes wich are interesting for me. cant you give any deeper informations here to?
how long will it need to finish the setup? what routes are you working on?
its months ago now that you startet to set them up. why dont you give more infos?
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@...
Why did I know that there would be no answer to this question? ;-)
ridiculous..
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Dear Mintos Team,
I can only agree with all the comments from your investors above.
It has been 5 months since the start and you are still not providing any usefull proposal to solve the issue.
The work on alternate roads has initiated some months ago but you are still not able to provide any details. Seems to be a "Guys, we need to calm investors, let's tell them we are trying to do something. We have no time for that. If the intern has some time maybe he can try something." I wonder how many people in your team are devotted full time to find a real solution and what are you ready to try to find this solution?
Moreover, you promissed weekly update. Look at the dates in your posts of the blog, and you can also see that your are not even providing the promissed updates.
This lack of execution only decrease your investors confidence. This behaviour is so unprofessional and unrespectful of investors. I would have liked to increase my invests on this lending plateform, but except changes in communication and excecution could make change my mind. I will neither recommand it.
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Alex
Thanks for your words.
I think that @... or Lucja (Mintos) are not allowed to disclose any further information. they are simply "community managers" and have no authority in their job. therefore, they (with such an income) do not know the situation what it means to have worked hard to invest money in a trustworthy institution and then probably lose it again due to incompetence.
they simply do not have the means to understand how we feel.
we have already tried to talk them into their conscience several times here. each time without success. and when an answer came, you could stick it right up your A.. .
so we just have to wait and see - maybe after another 7 weeks we will get another super useful update full of useless information.
i am curious.
Annija and Lucja - you are great! Keep it up. You are doing a great job - maybe you will be leveled up soon! :-)
Best regards
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Kviku hat eine eigene P2P-Site, auf der Sie auch investieren können. Können Sie uns erklären, warum Abhebungen in Euro auf Ihrer eigenen Seite und nicht auf Mintos funktionieren?
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Dear Philipp Gernot Schneider, Alex,
We appreciate your interest in knowing more about this solution we’re working on with other stakeholders.
Setting up alternative payment routes is a complex task requiring multiple activities for all parties involved - lending companies, Mintos, and third parties involved in the process. Depending on the structure of the lending company, they all have different requirements for these tasks to be fulfilled. Also, all stakeholders involved need to comply with a set of strict regulations, either not to breach sanctions against Russia, or not to go against rules and regulations of retaliation measures when it comes to those working in Russia.
We appreciate your patience and kindly ask for your understanding of how complex these processes can get in the current environment and that sharing specific details might derail the progress made so far.
As soon as we have important information to share about this, we will do so without hesitation.0 -
@...
The only thing we can do is trust in your words.
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Annija (Mintos)
Dear Annija,
it's been another two weeks, and latest update was on July 15th (some 3 weeks ago). Is there any progress with setting up alternative route to get us our investments back? As the russian companies can't transfer the money back to us, they are still able to invest and should pay also the interest (at least part of it) to us.
Just one more comment to the breache of the sanctions. I believe that breach of the western sanctions is not the topic here. We just want the money back, we don't want to provide any service beneficial to Russia. As for the retaliation sanctions from Russia. They have some international obligations (such as gas deliveries to Europe) they are still fulfilling (even limited).
Mintos really needs to push harder all the parties involved and also provide some compensation for the delayed payments. I understand that the situation is not easy, but there plenty of time has passed and no effective solution so far has been provided and actually also no useful and trustful information. Mintos has promised weekly update and for three weeks there has been only silence.
This is unacceptable behavior and I believe that trust of most investors here is really shaken (despite we can understand the international situation, communication here is the key)!
Thanks.
D.
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