A review of court decisions indicates that Tinkoff Bank has faced at least 20 disputes with customers who benefited from currency trades during a period of sharp ruble decline at the start of 2022. The findings rely on court filings and statements cited by RBC, reflecting the bank’s stance in these matters.
After some currency exchanges executed through the bank’s app, several customers reported blocked accounts and withdrawn funds in mid-March of the prior year. The bank attributed the account suspensions to a malfunction in its cross-currency rate calculation algorithm, arguing that profits derived from rate discrepancies were not legitimate. Those who benefited from similar operations faced claims that their gains were improper.
In the rulings and accompanying statements, courts observed that the rapid surge in foreign currency purchases by certain customers did not simply reflect a straightforward conversion to satisfy the agreement’s stated objective. Instead, the decisions framed these operations as attempts to profit from a rate gap created by an error in the bank’s system.
Speaking for an investor group, Dmitry Butryakov told the publication that the bank had not won fewer than 20 cases so far. Yet legal outcomes on this issue have varied: earlier, investors won nearly 30 lawsuits, and by 2023 a number of courts began ruling in the bank’s favor. The changing judicial landscape has fueled ongoing debate about customer gains versus bank policy. (RBC)
The record shows that in February and March of the previous year, some customers were able to convert rubles into dollars and euros profitably by exploiting an inter-conversion route that involved the British pound. Forbes referenced remarks from trader Alexander Simonov to describe the dynamic. For instance, on February 27, dollars could be acquired at roughly 88 rubles through certain channels, while direct currency conversion within the app was about 150 rubles per dollar, with prices on the Moscow Exchange near 109 rubles. A number of customers purchased dollars through these pathways and sold them the next day for around 105 rubles, yielding roughly a 20 percent gain. Simonov noted that a notable share of bank customers participated in these transactions. (Forbes)
Industry observers point to broader market factors, including ruble volatility and how cross-currency trading was reported and understood by retail clients. Some outlets cited commentary from market participants to illustrate how rapid rate movements can create opportunities as well as risk, and how institutions respond when algorithms misprice currencies. The discussion continues as regulators and market players review recent cases and the implications for consumer conduct and bank risk controls. (Market commentary)
Earlier reporting noted that observers suggested measures to stabilize the ruble during periods of extreme fluctuation. That dialogue remains part of the larger conversation about how retail traders can navigate currency markets responsibly and how financial institutions balance client strategy with compliance obligations. (Industry coverage)