Security and financial oversight in Russia continue to unfold as authorities scrutinize the movement of funds through popular electronic wallets. In the latest development, officers from the Federal Security Service have begun a review of QIWI Bank to determine whether money received by the institution may have been transferred abroad in violation of applicable rules. The disclosure came via a report from RBC, highlighting the scope of the inquiry and the authorities involved.
According to official statements, the inquiry is being conducted at the request of the Central Bank. It is being carried out by personnel from the department often referred to as the K division within the FSB, underscoring the seriousness with which the state treats potential cross-border transfers and the integrity of financial channels. These remarks were shared to clarify the nature of the verification and the high level at which the probe is being conducted. The collaboration between the Central Bank and the FSB signals a broader push to ensure that online wallet platforms maintain strict controls over transactions that could facilitate illicit movement of funds.
Earlier communications noted by the Bank of Russia did not present concrete evidence of large-scale theft from QIWI Wallet customers during a recent examination of the bank. Olga Polyakova, the deputy governor, commented on the record to emphasize that the bank’s inspections did not uncover wallet-level losses at that stage. The deputy governor also indicated that the bank remains vigilant and capable of calling out any discrepancies should they arise in ongoing oversight processes.
In a separate line of action, on February 21 the Bank of Russia announced that it had revoked a license held by QIWI Bank and subsequently moved to block transactions initiated through user wallets. The decision underscores the regulator’s willingness to act decisively when concerns about liquidity, compliance, or security prompt intervention. The sequence of events reflects the state’s broader emphasis on safeguarding consumer assets and maintaining the stability of the payments ecosystem.
Earlier in the year, reports emerged regarding an international asset disposition involving a Hong Kong-based entity. It was disclosed that Russian assets were transferred to Fusion Factor Fintech Limited for a sum of 23.7 billion rubles, with the company reportedly connected to the former president of QIWI, Andrey Protopopov. The deal reportedly concluded on January 30, illustrating how corporate reorganizations or asset movements can intersect with regulatory and political dynamics at a global level. Analysts noted the move as part of wider shifts in cross-border finance and fintech investment patterns during the period.
Additionally, market indicators in Moscow offered a contrasting note of activity. The Moscow Stock Exchange index reached a record high for the year, achieving an annual maximum not seen since February 2022. Market observers linked the uptick to a complex mix of policy signals, investor sentiment, and sector-specific performances that influenced liquidity and pricing across listed instruments during the period under review.
Taken together, these developments illustrate a multifaceted environment where cross-border payments, regulatory enforcement, and corporate governance intersect. Observers in Canada and the United States may watch closely how Russia’s financial oversight bodies coordinate with banking and fintech entities to preserve market integrity, safeguard consumer trust, and sustain capital flows in a way that aligns with international standards. In ongoing coverage, authorities are expected to publish further clarifications about investigative scope, licensing actions, and the steps taken to protect customers and the financial system as a whole.