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After the steps taken for receiving money transfers from our Russian partner Kviku, the first transfer has been successfully approved and it is received, even with all the restrictions.
Nikita Lomakin, CEO of Kviku, shares more information about the latest news regarding the regulation and the transfer made:
“Based on recent clarifications that we have received from the CBR, the regulator confirmed that the RUB 10 mln monthly limit is for all international creditors. Iuvo’s portion of monthly payments based on the amount of outstanding debt for June is in the size of RUB 900,000 and the funds have been transferred to iuvo’s RUB bank account this week. We continue to be in close contact with the CBR and will share any updates on transfers in due course.”
CBR restrictions
It is made clear by the received information that due to the imposed restrictions by the Central Bank of Russia, Kviku have the right 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. According to the regulation at the moment, 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.
Distributions of funds to investor accounts
The transfer for June is received. According the restrictions by the CBR, Russian businesses can repay their international partners in RUB only. Therefore, the received money transfer from Kviku is in the Russian currency. The amount is already distributed to investor accounts for decreasing the debt of Kviku for investments in RUB.
Payments for investments in Kviku are distributed by following the order of received repayments. For paid installments by borrowers, investors will receive principal and interest payments. If a borrower has delayed an installment for 60 days, buyback is activated.
Payments for exposition in EUR will be possible to begin when currency exchange option has been found.
Currency exchange RUB/EUR
Due to the imposed sanctions, the next step in the process is finding a bank that does currency exchange from RUB to EUR. Despite iuvo’s high involvement in the process, at the moment such possibility is not available yet. Based on that and the depleting reserve of iuvo for the purchase of RUB, the RUB/EUR currency exchange option on the platform is temporarily suspended. The RUB/EUR currency exchange on the platform can be active again when we have an option to convert the received amounts from Kviku.
The bank account of iuvo in RUB is: BG20STSA93000028932211. 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 after the needed information about it has been provided to us.
We will continue to keep you posted regarding the development of the situation.
