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FAQ about Russian and Ukrainian lending companies on Mintos

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184 comments

  • JARMO VILLE VIIKKI

    Hello David,

     

    Here is some hopium-speculation for us to get our money back.

    We are moving towards CBDC that makes the crossborder payments convenient and the old SWIFT system will also change (they will get rid off nostro/vostro accounts and use XRP, XLM etc ISO 20022 compliant crypto currencies). 

    This will make the payments fast and easy, and I think it should be functional within months if I have understood correctly from the website of SWIFT + other digging. 

    Therefore, the money should start flowing back to Europe (the sanctions will likely loosen soon as well since the world will start focusing on the next "war" between Taiwan and China). We might even prevent the energy dystopia if they will get some sort of deal with Russia. It is the best case scenario here. I believe there is a lot of political pressure in Europe to get some sort of solution between the issues between Europe and Russia. Therefore, I am hopeful there will be a solution. However, I agree that the LOs should be able to re-use this capital by giving out loans and pay us some sort of compensation. 

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  • DAVID MAREK

    JARMO VILLE VIIKKI

    OK, thank you for some hope :) 

    I just disagree that the sanctions will be lifted soon, as the war will take months or even years. But I'm not an expert on international politics. Please just keep us all updated on regular basis. 

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  • Lucja (Mintos)
    Community moderator

    Dear Investors, please see our latest update here: https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/

    The following points are mentioned there:

    An account has been opened for payments in RUB
    Agreement with SOS Credit to cover monthly payments

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  • PHILIPP GERNOT SCHNEIDER

    what about our money in € !!!!?????????????????????????????????????

     

     

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  • Lucja (Mintos)
    Community moderator

    PHILIPP GERNOT SCHNEIDER In the post, we explain that the account allows payment in RUB, and then exchange to EUR before investors receive them. Please check out our update from today: https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/

    -1
  • PHILIPP GERNOT SCHNEIDER

    does this mean that my money (invested in € in russia not in RUB) will come back in RUB and then be changed back into €? 

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  • Onni

    All investments in russia, whether they've been done in RUB or EUR, are in RUB in Russia. So in order to receive EUR, the RUB must be received first and then be exchanged to EUR. 

    But my questions are.

    1. There's mention about RUB to EUR exchange rate, which is not what central bank says, which is understandable. But what is this impacting to? Who takes the impact of the exchange rate? In EUR based investments, isn't the LO carrying the exchange rate risk? --> Is this relevent to investors?

    2. What about RUB based investments, can those be received now? And can RUB be exchanged to EUR in the portal?

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  • PHILIPP GERNOT SCHNEIDER

    Lucja (Mintos)

    can you explain how you split the 143T€ to the investors? in the last update you said, that the first 143T€ came back and was split to waiting investors. you wrote: "This payment is already being distributed to the affected investors today"

    i didnt get anything back from revo.

    can you explain that please?

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  • Annija (Mintos)
    Community manager

    Dear Onni,

    1. Mentioning that the actual exchange rate is not what the Russian Central bank rate states is first meant that any RUB repayments for RUB denominated loans will be automatically converted to EUR at the exchange rate offered to us (market rate) and investors will receive this in EUR equivalent. If the investment was done in EUR (though the loan is in RUB) the exchange rate risk is indeed on LCs. Whether the LC is able to absorb that risk depends on the exchange rates and if they hedge the risk. The current exchange rate level implies that they should take this on them.

    2. Only RUBs can be received from Russian LCs. The exchange will be done automatically, as our payment service provider can distribute to us only amounts exchanged in EUR.

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  • Paweł Andrzej Lechowicz

    Annija

    The transaction limit in RUB is 10 million.
    Currently, the amount of loans in recovery -Kviku is € 29,936,650.
    Another payment method is definitely needed.
    Which investors have priority in receiving EUR? Oldest loans paid off?

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  • Annija (Mintos)
    Community manager

    Dear PHILIPP GERNOT SCHNEIDER,

    Loans are distributed with the waterfall principle https://www.mintos.com/blog/wp-content/uploads/2022/04/Payments-waterfall.pdf . Therefore it is possible that you do not have loans old enough, or the amount of funds sent did not cover all loans for the oldest day.

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  • Onni

    Now that the money flow is limited, I assume it means that late buyback loans won't be paid in any near future? As "normally" matured loan payback is continously taking priority?

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  • Anna (Mintos)
    Community manager

    Dear Onni, you are right - as we explained, in the repayment order, normally matured loans will take priority over the buyback obligation. But once there is enough cash flow, the buyback obligation will be covered as well.

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  • Paweł Andrzej Lechowicz

    Annija, you said, an RUB account is opened.
    Why loan companies still does not transfer money?
    Don't you think it works too slow? What with alternatives routes? As investors, we expect regular update.

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  • PHILIPP GERNOT SCHNEIDER

    Anna (Mintos)

    same question here: what is the status quo with ALTERNATIVE ROUTES? please give an update hereto. thanks

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  • Lucja (Mintos)
    Community moderator

    Dear Investors,

    Thank you for your comments. 

    We would like to kindly remind you of updates regarding the subject that we regularly share on this dedicated page: https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/

    Please note that according to the last update, the payment of 10 million RUB has already been received from one lending company, Revo. And for the remaining lending companies, we’re finalizing additional paperwork, so they can pay to our FX account. In the short term, the 10 million RUB payments will be used to settle the funds in recovery from Russia.

    We encourage you to familiarize yourself with this document which, we hope, will answer your doubts: https://www.mintos.com/blog/mintos-investor-qa-funds-in-recovery/.

    -1
  • PHILIPP GERNOT SCHNEIDER

    Lucja (Mintos)

    do you read what we ask you?

    here again, 4 days ago:

    what is the status quo with ALTERNATIVE ROUTES? please give an update hereto. thanks

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  • Paweł Andrzej Lechowicz

    Lucja, are you kidding us? You only answer some of the questions.
    You are talking about systematic information from Mintos? Take a look at the dates.
    Investors often ask for update.
    Tell us what you did for several months besides opened RUB account.

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  • Lucja (Mintos)
    Community moderator

    Dear Investors,

    We definitely do not skip your questions. As it can be seen, we are actively engaged in the conversation in this space, and we do always react when you ask for our comments. We do our best to answer you with maximum transparency, considering the applicable limitations.

    When it comes to our efforts for finding alternative routes for funds locked with lending companies from Russia, as we have already stated multiple times, there is a limited amount of information we can currently share with you, but it doesn't mean that we do nothing. Stay assured that we have investigated many options, also proposed by you, our Investors, including those the most creative and out-of-the-box. The concept which could work is currently being reviewed by the Russian regulator. Keep in mind that getting regulatory approvals usually takes time. 

    As promised, we will inform you about any significant development when it can be already publicly shared. Meanwhile, please bear with us.

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  • ILYA SHPUNTOU

    Dear Lucia,

    "We are trying but we need time" you could write after 1 month of waiting.

    It's been over half a year.

    Other companies pay.

    In this thread, you can copy your comment and reply to any question.
    When you start to be embarrassed? 9 months, a year, never?

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  • Christopher

    Include Łucja. Can you tell us when we can expect the first payments from other Russian companies like Kviku or Dozarplati. Like most investors, I haven't received a cent for the last six months. Another problem is the law on the confiscation of foreigners' property, which will return to the State Duma at the turn of October and November, and this time will be passed. We can lose our money just like Ukraine, its property in Russia.

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  • ILYA SHPUNTOU

    Dear Christopher,

    "We are trying but we need more time"

    "We encourage you to familiarize yourself with this document which, we hope, will answer your doubts: https://www.mintos.com/blog/mintos-investor-qa-funds-in-recovery/ ".

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  • Christopher

    Thanks for the ILYA SHPUNTOU link, but I got acquainted with this info as soon as it appeared and every entry that concerns late payments and recovery funds. Unfortunately, this is just an internal Mintos document and has nothing to do with what we receive. After Mintos' Notes' 'introduction, virtually all LOs are delayed in transferring funds. Companies from my portfolio that had no delays and never exceeded the grace period of more than 5 days, suddenly everything is delayed, and the money in the grace period is even more than 150 days. Yesterday, I noticed that there were 8 x 30 days extensions on several loans and the Notes interest tax charged is rounded up to as much as 30%. I do not know how it is in other EU countries, but I had to pay income tax on money that is recoverable and I have not had access to it for 3 years.

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  • Paweł Andrzej Lechowicz

    Annija, Take a look at this article, please.
    https://www.morganlewis.com/pubs/2022/03/update-russia-adopts-decree-on-repayment-in-russian-rubles-of-debt-to-foreign-creditors

    Is it possible to open a bank account in a country that is not on the "unfriendly country list"?
    Then the limits do not apply. I understand well?

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  • Ondrej Bobek

    Of course it is technically possible to transfer funds throught some „proxy".

    But what we are dealing with here all the time and what this whole discussion is about is how mintos management works.

    This procedure cannot be done without a „creative solution".

    as Martins Sulte writes

    „With respect to creative solutions and "bypassing" relevant regulations - that is definitely not how we work. The regulatory requirements and the stance of the regulator are clear, and we follow those."

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  • ALEXANDER GROSS

    I invest in Mintos precisely because of the flexibility that highly regulated financial service providers do not have. Mintos does not seem to have this anymore and I am therefore very disappointed and willing to do anything to get my money back from Russia. I do not care if there is Borders are tested, someone is tricked or someone drives across the border with two suitcases full of money.. I want my money that I have earned legally and rightly so and I'm not interested in how Mintos does it (it has to be legal, of course). to say one thing with clarity: the competition from Mintos does not sleep and has done it better. while Mintos is trying to put itself on the level of a bank in terms of regulation, it is destroying its livelihood. Be careful and now finally take care of a creative solution for our Russian funds .Thanks

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  • PHILIPP GERNOT SCHNEIDER

    Anna (Mintos)  Lucja (Mintos)

    dont you think its time for an update ? ALTERNATIVE ROUTES OF MONEY TRANSFER??????

    are you kidding us?

    1
  • ILYA SHPUNTOU

    Dear PHILIPP GERNOT SCHNEIDER,

    "We are trying but we need more time"

    "We encourage you to familiarize yourself with this document which, we hope, will answer your doubts: https://www.mintos.com/blog/mintos-investor-qa-funds-in-recovery/ ".

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  • PHILIPP GERNOT SCHNEIDER

    ILYA SHPUNTOU

    hahahaha - something to laugh in the morning :-)))

    1
  • Lucja (Mintos)
    Community moderator

    Dear Investors,

    OOO Revo Technologies MFC obtained special permission from the Central Bank of the Russian Federation to repay its obligations to Mintos investors in payments larger than 10 million RUB monthly. In light of this permission, Revo has already transferred the first tranche of its repayment in the amount of €2.6m, and Mintos has received these funds on its accounts.

    The repayment of Revo’s obligations is a direct result of months-long efforts of the Mintos and Revo teams to identify repayment solutions, allowing Revo to honor its obligations to investors on Mintos despite the restrictions imposed by the Russian and EU regulators.

    It is Revo management’s intention to continue to make monthly repayment of its obligations if no new regulatory or financial sector obstacles arise. In order to ensure the most fair treatment of Mintos investors in the given situation, the usual amortization sequence will be amended and repaid funds will be distributed proportionally to all affected investors based on their outstanding investments in Revo portfolios. Fees due to Mintos from Revo will also be collected proportionally, instead of collecting all fees upfront.

    The pending repayment will be distributed to affected investors in the coming days. Please note that the amount reported as in recovery will not immediately reflect this latest repayment, as some additional IT development is required on our side. Once this development is completed, the reported amounts will be updated accordingly.

    So far, Revo has been the only Mintos partner able to obtain a special permission from the Central Bank of the Russian Federation to repay a portion of its outstanding obligations to investors on Mintos. Mintos will continue to provide updates as we receive further information from other lending companies in Russia.

    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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