The Deposit Insurance Agency estimates that winding down QIWI Bank will cost more than 2.1 billion rubles. Most of this amount, roughly 1.9 billion rubles, will be paid to employees of the bank. The rest will cover administrative and operational expenses tied to the resolution process.
On February 21 the Central Bank of the Russian Federation withdrew QIWI Bank’s license. The regulator cited ongoing violations of Russian laws related to the legalization of proceeds of crime and the financing of terrorism. In the weeks prior, the DIA had already stepped in, covering 3.26 billion rubles for insured depositors, which accounts for about 75 percent of the bank’s insured liabilities.
Following the license revocation, QIWI Bank is preparing to pursue legal action against its owners. The defendants named include Qiwi JSC, Fusion Factor Fintech Limited based in Hong Kong, wherein certain Russian assets are controlled by Andrey Protopopov, and Qiwi. At this stage, no formal damages have been filed in relation to the action.
Industry observers have previously discussed the broader outlook for the Russian banking sector, weighing how many banks might cease operations within the year and what that means for deposit protection, regulatory oversight, and customer recovery timelines. These matters are closely watched by industry participants, policymakers, and the public as the resolution framework continues to guide the handling of failed institutions and the protection of ordinary savers. The ongoing situation with QIWI Bank highlights the role of state-backed insurance schemes and the importance of robust compliance checks during the licensing and supervision processes. As the case unfolds, analysts will assess the sufficiency of the DIA’s funding for future resolutions, the effectiveness of the central bank’s enforcement actions, and the broader implications for corporate governance and creditor rights. For depositors, the priority remains clear: understanding the pace of compensation, the status of claims, and the timeline for recoveries. For banks and investors, the news serves as a reminder to monitor risk controls, ensure transparent ownership structures, and maintain clear reporting to regulators. The sector-wide implications will likely influence discussions on regulatory reform, capital adequacy, and the mechanisms used to stabilize financial stability in the wake of bank failures. At the time of reporting, officials have stressed that customer security remains the central objective of the resolution framework, while authorities continue to refine procedures to minimize disruption for workers, creditors, and other stakeholders. This evolving narrative will be tracked by observers who focus on the intersection of monetary policy, financial regulation, and consumer protection. Marked citations and ongoing official statements will guide the public understanding of how such resolutions are executed and funded. These developments provide context for policymakers and the financial community as they navigate the challenges facing the banking landscape in Russia and beyond. (Source attributions: Deposit Insurance Agency, Central Bank of the Russian Federation, with ongoing official updates)