A blow to wallets: how to return money stuck in Qiwi now? / Comment / Arguments and Facts

The Bank of Russia has revoked the license of QIWI Bank, thereby disrupting the operation of Qiwi wallets, the Contact payment system, and Polet Finance, which are popular among Russians.

Andrei Gusev, Managing Partner at Nordic Star, told the newspaper’s readers that those who had accounts worth up to 1.4 million rubles should not worry – they will receive everything back. However, those who kept their funds in electronic wallets are not protected by the deposit insurance system, unlike money in bank accounts exceeding 1.4 million rubles. There is no guarantee of these funds being refunded.

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Andrei Gusev
Managing Partner, Attorney-at-Law

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