Category: Central Bank of Russia

CBR Governor Elvira NabiullinaW
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September 14, 2024

War-Driven Inflation: Russia’s Central Bank Increased the Key Interest Rate to 19%!

Russia’s Central Bank (CBR) raised the key interest rate to 19%, aiming to control inflation driven by military spending. Despite these efforts, inflation is expected to exceed targets, with further rate hikes possible. Taking into account recent data, CBR expects that inflation is likely to exceed the July forecast of 6.5–7.0%, CBR Governor Elvira Nabiullina said in a statement.
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Garantex founder Sergey MeneleevC
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September 8, 2024

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.
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Central Bank of Russia revokes license of Fintec QiwiR
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August 11, 2024

Russian Financial Watchdog Flags High-Risk Client Migration from Qiwi to Other Banks Amid Regulatory Crackdown!

Russia's Federal Financial Monitoring Service (Rosfinmonitoring) reported that clients involved in suspicious transactions migrate from QIWI Bank to other financial institutions. This shift comes in the wake of the CBR's decision to revoke QIWI's banking license earlier this year, citing severe violations of federal banking laws, including anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
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Central Bank of Russia revokes license of Fintec QiwiR
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February 23, 2024

Russia’s Central Bank Pulls the Plug on Qiwi Bank Amid High-Risk Black Market Operations

In an expected move, Russia's Central Bank announced the revocation of Qiwi Bank's license, citing the bank’s engagement in "high-risk operations" that catered to the black market. This development unfolds just a month after Qiwi Bank's Cyprus-based owner, the payment service provider Qiwi, unveiled its strategy to offload its Russian assets amidst efforts to maintain its listings on both NASDAQ and the Moscow Exchange (MOEX).
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State-owned Russian Sberbank bets on cryptoI
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March 19, 2022

Interesting! Troubled state-owned Russian Sberbank bets on crypto!

Early March 2022, the ECB decided to close down Sberbank Europe AG, a subsidiary of state-owned Russian Sberbank, with its headquarters in Vienna, Austria. In total, the deposit guarantee scheme in Austria expects to pay out a total of EUR 947 million. Amid the Western sanctions against Russia's financial industry, the Central Bank of Russia (CBR) has granted Sberbank a license to issue and exchange digital assets. Crypto may be the last resort for the Russian financial industry.
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ForTrade and Alpari networkR
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July 23, 2021

R4I – Regulated brokers ForTrade and Alpari have joint interests

Recently we reported that an investor warning issued by the UK Financial Conduct Authority (FCA) against TorexFX (https://torexfx.com) was incorrect. The FCA claimed that TorexFX and the domains associated with this scam https://gloryft.com and https://fxen.gloryft.com as illegally acting clones of the FCA and CySEC regulated broker ForTrade. In fact, however, these sites are jointly operated by ForTrade and the Russian broker Alpari. Both brokers have a vast network of entities, domains, and websites. We want to learn more about them and their activities.
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