Qiwi Bank has had its banking licence revoked by the Bank of Russia in a major blow to the Russian payment services provider.

In a statement, the country’s central bank said that Qiwi engaged in high-risk operations, even after it was given a series of warnings. The Bank of Russia took actions against Qiwi five times in 2023, and said that it had systematically violated requirements on anti-money laundering and terrorism financing legislation.

It said: "Qiwi Bank did not take effective measures to reduce risks in its activities, despite the Bank of Russia's active supervisory work, and continued conducting high-risk operations.”

The news caused Qiwi’s Moscow-listed shares to drop by 25 per cent to a more than one-year low.

The company had already seen trading of its American Depository Shares suspended on the Nasdaq shortly after Russia commenced its illegal invasion of Ukraine in February 2022.

Qiwi in January announced a deal to sell its Russian assets and complete a restructuring process in an attempt to secure its continued listing on the Moscow Exchange and the Nasdaq.

Elsewhere in Russia, the Kremlin has given HSBC permission to offload its business in the country more than a year after the UK bank announced a deal. https://www.fstech.co.uk/fst/Putin_Gives_HSBC_Permission_To_Offload_Russian_Business.php

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