No Russian public bank, mobile operator or oil company operates in Crimea because of the fear of sanctions. However, a Telegram channel in Russia has recently reported that QIWI (NASDAQ:QIWI) operates in Crimea in three ways:
- QIWI terminals work in Crimea
- The company delivers Visa (NYSE:V) cards to Crimea bypassing the sanctions
- QIWI users undergo the process of identification in branches of Genbank, which is under the US Sanctions
The breach of the sanctions regime may result in direct sanctions against QIWI and the entities who control the company, as well