The Central Bank of Russia has made clear there is no justification to restore the license of QIWI Bank, which was canceled last week. The statement came from Dmitry Tulin, the first deputy governor of the Central Bank of the Russian Federation. He clarified that rehabilitation corresponds to financial recovery, but other complications accompany the decision in this case.
Tulin explained that the Bank is weighing the potential consequences of revoking QIWI Bank’s license. He noted that some measures were taken with the participation of NSPK and arrangements with another bank to handle settlements in a neighboring country. Despite these steps, the Central Bank’s position remains cautious. He summarized that, overall, the bank’s exit from the market is not expected to trigger negative outcomes.
On February 21, the Central Bank of Russia formally canceled QIWI Bank’s license due to violations of federal law. The Bank highlighted that its activities have often been linked to shadow trading, including fund transfers supporting crypto exchanges, illegal online casinos, and bookmakers.
Further communications from the Central Bank’s deputies in late February reiterated that violations at QIWI Bank had been identified, emphasizing ongoing concerns.
Additionally, the Bank had previously shared estimates about Russia’s GDP growth for the first quarter, reflecting an overarching climate of regulatory vigilance across the financial sector.
These developments underscore a broader pattern in which authorities monitor institutions with complex risk profiles and respond decisively to activities that may threaten financial stability. The dialogue between the regulator, payment networks, and other financial partners illustrates how settlement infrastructure can adapt in the wake of major licensing decisions.
For observers in North America and other regions evaluating the global financial landscape, the QIWI Bank case offers a clear example of how licensing actions, enforcement measures, and cross-border settlement arrangements interact in practice. The episode highlights the importance of stringent supervision, transparent reporting, and the continued evolution of regulatory frameworks governing payments, remittances, and the flow of digital assets.