British digital bank Revolut is at risk of losing its European banking licences amid fresh questions over its alleged links to the Kremlin.

The company, one of Europe’s fastest growing fintechs, was granted its European licences through the Bank of Lithuania in December.

The move was designed to help the nation challenge the UK as Europe’s financial technology hub, but it also provoked fierce political debate in the country after it emerged that Revolut’s chief executive Nikolay Storonsky has links with Russia.

Mr Storonsky, who was born in Russia, is the son of a director at a division of Gazprom, a Russian natural gas giant that has been on a US sanctions list since Russia’s support of separatists in Ukraine in 2014.

A draft resolution set to be debated by the Lithuanian Parliament on Thursday, and seen exclusively by The Daily Telegraph, raises concerns about whether these links could make Revolut “politically vulnerable”.

If Lithuania finds Russian influence, Revolut could lose its European banking licences, which allow it to offer current accounts and loans across the EU. The move would also be a blow to Revolut's plans to expand services such as trading crypto-currencies and converting cash for spending overseas.

The resolution will request that a Lithuanian national security committee investigates Revolut to “reassess whether Revolut's activities are in line with the national security interests of the Republic of Lithuania”.

Mr Storonsky has previously denied any Kremlin links, writing in an open letter in February that “fear-mongering is not something that should be taken lightly".

Mr Storonsky wrote: “I have nothing else to add. That is a personal and irrelevant question."

The draft resolution also lists a series of “important circumstances” which have been made public following the Bank of Lithuania’s decision to grant licences last year.

One issue set to be debated is an investigation The Daily Telegraph published in February which revealed Revolut failed to block thousands of potentially suspicious transactions on its platform for three months last year.

Documents showed Revolut switched off an automated system designed to stop money transfers that had been flagged for sanctions checks.

As a result, thousands of transactions passed through the London-based startup's digital banking system between July and September of 2018 without having been fully checked for sanctions compliance.

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The company has said no sanctioned transactions happened during that three month period, and a spokesman wrote that “at no point during this time do we believe that we failed to meet our legal or regulatory sanctions requirements.”

Lithuanian politicians are also concerned by allegations reported in Wired magazine that Revolut urged job applicants to recruit customers to the bank, as well as alleged high turnover inside the business.

“This negatively affects the reputation of both the Republic of Lithuania and its institutions,” the draft document says.

“At the time of the issuance of the license, Revolut did not yet have the appropriate management systems, and the reputation of the company and its manager had already been questioned in the UK”.

Stasys Jakeliūnas, chair of the Lithuanian parliament’s budget and finance committee and a member of the country’s parliament, has been a prominent advocate for a continued investigation into Revolut.

Earlier this year, he accused Mr Storonsky of meddling in Lithuania’s political processes when he published an open letter responding to allegations about his father.

A spokesperson for Revolut said: “We have always approached our application and our dealings with the Lithuanian regulatory authorities with complete transparency and will continue to do so. We do not have anything to hide and actively invited the Commission to work with us to further address any of the points raised in the draft resolution.

“We remain committed to the establishment of our operations in Lithuania."