JUST IN: #Russia Billionaire, Oleg Tinkov Renounces Citizenship Over #UkraineRussiaWar—Oleg Tinkov, a Russian billionaire banker, claims that the conflict in Ukraine, which he had previously called “crazy,” is the reason he has chosen to renounce his citizenship.
“I have taken the decision to exit my Russian citizenship. I can’t and won’t be associated with a fascist country, that started a war with their peaceful neighbor and killing innocent people daily,” Tinkov wrote on Instagram on Monday.
The banker said: “It is a shame for me to continue to hold this passport.” He is reported to be living in London but is subject to UK sanctions, like many other members of Russia’s business elite.
“I hope more prominent Russian businessmen will follow me, so it weakens [President Vladimir] Putin’s regime and his economy, and put him eventually to defeat,” added the 54-year-old, who has been based outside Russia in recent years.
Oleg Tinkov wrote on his Instagram, “I hope more prominent Russian businessmen will follow me, so it weakens (President Vladimir) Putin’s regime and his economy, and put him eventually to defeat.”
Sota Vision, an independent Russian news outlet, tweeted a picture of Mr. Tinkov’s certificate indicating the termination of his Russian citizenship as well as a link to his Instagram tirade against Russia and President Vladimir Putin. The post now seems to have been deleted from his account, though.
Oleg Tinkov is the founder of the online Tinkoff Bank, one of Russia’s largest lenders counting some 20 million customers. He also owns about 35 percent of Cyprus-based TCS Group Holding, whose stable of companies under the Tinkoff brand spans sectors from banking and insurance to mobile services.
In April, Tinkov had claimed that 90 percent of his countrymen were against Putin’s decision to invade Ukraine in late February and called on Western leaders to help end the “massacre”.
Tinkov has been targeted by British sanctions imposed soon after the conflict began. He was previously arrested in London in 2020 on charges of tax evasion in the United States. He was later released on bail and treated for leukemia in London.
Oleg Tinkov quit his role as Tinkoff CEO in 2020 and the bank has distanced itself from his strong criticism of the war. In even harsher terms in April, Mr. Tinkov denounced the Kremlin, calling it a “nepotistic and servile regime.”
He and other prominent Russian businessmen, known as “oligarchs,” are subject to Western sanctions that include travel restrictions, asset freezes, and the seizure of yachts and planes. The backing of billionaires who became wealthy through ties to the Kremlin is crucial to President Putin’s ability to wield political and military power.
Also in April, Oleg Tinkov sold the 35% stake his family owned in the Cyprus-based business he founded, TCS Group Holding. Vladimir Potanin, the owner of the massive mining company Norilsk Nickel and one of Russia’s richest men, was the buyer.
Banking, insurance, and mobile phone companies all operate under the Tinkoff brand and are owned by TCS. According to media reports, Nikolay Storonsky, another Russian banker, has also renounced his Russian nationality. He founded the British fintech start-up Revolut and holds British citizenship. In a blog post earlier this year, he denounced the war in Ukraine and mentioned his Ukrainian ancestry.
Israeli-Russian billionaire investor Yuri Milner declared earlier this month that he had renounced his Russian citizenship. He moved to the US in 2014 after leaving Russia.
