Mintos removes Russia and Ukraine loans
Mintos has removed loans from Russian and Ukrainian lending companies from its conservative strategy.
Earlier today, Russian troops crossed into Ukraine after Vladimir Putin announced a “special military operation” in the east of the country, following recent Russian military build-up on the border of Ukraine.
Yesterday, European lending marketplace Mintos removed loans from online bank Kviku, securitisation fund management company Mikro Kapital, and Mokka – a fintech that specialises in buy now pay later solutions.
Once removed from the Mintos conservative strategy, investments in loans by these companies will not be available for standard withdrawals but investors can still buy and sell loans from Russia and Ukraine on the platform’s secondary market.
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Loans from these and other lending companies from Russia and Ukraine will still be available for investments in custom automated strategies, manual strategies and in Mintos’ high-yield and diversified strategies.
Mintos told investors that the situation in Ukraine had not yet affected borrowers’ repayments and communication between lending companies from Russia and Ukraine and Mintos were functioning without interruptions. The platform added that it was monitoring the situation for any changes.
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“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,” Mintos said in a blog on its website yesterday.
“We’re now reacting to the most recent developments in this case… 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.”
This follows Mintos responding to the Kazakhstan unrest last month. On 10 January, the platform removed access to loans issued in Kazakhstan due to social unrest in the country.
It removed the cautionary measures on 13 January as the restrictions on international payments were lifted and the platform had received proof of payment from all of its lending companies from Kazakhstan.
