Ozon awarded Russia's first universal bank licence in three years

– Ozon stated on Thursday that it had obtained a common banking licence, the primary Russia’s central financial institution has issued in three years, because the Russian e-commerce agency appears to be like to by-pass sanctions that threaten its capacity to service debt.

“Ozon has expanded its fintech improvement alternatives, having obtained one other banking licence, this time a common one,” Ozon stated in a press release on Thursday.

One in all Russia’s largest e-commerce gamers, Ozon is engaged on a proposal to bondholders after a buying and selling suspension of its American Depositary Shares triggered a delisting occasion on $750 million of unsecured convertible bonds.

Ozon, which spawned a flurry of preliminary public choices by Russian corporations after it listed on Nasdaq in late 2020, has been contesting sanctions which hit Ozon Financial institution, on account of what Washington stated had been hyperlinks to sanctioned lender Sovcombank.

It filed an enchantment with the U.S. Workplace of Overseas Belongings Management (OFAC) the day after Russia launched its “particular navy operation” in Ukraine, disputing hyperlinks to Sovcombank and requesting its personal financial institution be faraway from the sanctions checklist.

Ozon acquired 100% of the share capital of Oney Financial institution, which it later renamed to Ozon Financial institution, from Sovcombank on Could 26, 2021.

Interfax reported that Ozon now owns Ecom Financial institution, by way of its beneficiary, Web-Logistics. Russian central financial institution filings confirmed that Eсom Financial institution was registered on March 11 and obtained a common licence 4 days later. It has share capital of three.6 billion roubles ($34.87 million).

Ozon stated it was seeing large demand for its monetary companies and was discussing credit score help with Russian authorities to help its operations, comparable to sustaining shares and making certain well timed supply.

Interfax cited two sources as saying that Ozon had requested the Russian authorities for assist refinancing its U.S. debt.

($1 = 103.2500 roubles)