Mintos releases update on Russia and Ukraine originators
European lending marketplace Mintos has published an update on its originators in Russia and Ukraine as it continues to manage the war-affected loans in its portfolio.
Firstly, Ukrainian lending company SOS Credit is reported to be making small payments of €12,000 (£10,525) per month. Mintos says this is because it is currently not possible to transfer larger payments out of Ukraine and the company is operating on a smaller scale compared to before the war.
Several originators are affected by a RUB10m (£140,988) monthly limit set by the Central Bank of Russia.
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Minto received a €121,000 payment from Ecofinance in October that it pledged to distribute to investors soon. In November it expects a sum closer to the RUB10m monthly limit set by the Central Bank of Russia.
The platform has agreed a term sheet of the repayment agreement with Creditter and is working on finalising the rest of the agreement. Once the agreement has been signed, the lending company will make monthly repayments within the RUB10m monthly limit.
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A repayment agreement has also been signed with Dozarplati and payments within the RUB10m limit will start this month.
Additionally, Mintos is in the process of negotiating a repayment agreement with Kviku. As the company has substantial exposure, it is working on an agreement with the Central Bank of Russia to make larger payments than RUB10m per month.
Finally, the platform is in the process of negotiating a repayment agreement with Lime Zaim. Once the agreement has been signed, the lending company will also make monthly repayments within the RUB10m monthly limit.
Read more: Mintos repays another €2.6m of Russia loans
Following Russia’s invasion of Ukraine in February 2022, Mintos removed loans from Russian and Ukrainian lending companies and has been working to recoup outstanding investments from war-affected loans.
It has predicted a 15 per cent drop in revenue from its lending companies due to the impacts of the war.