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HomeWorldBusinessman Tinkov renounced his Russian citizenship because of the war in Ukraine

Businessman Tinkov renounced his Russian citizenship because of the war in Ukraine

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Tinkov, whose digital credit card start-up TCS Group Holding has become one of Russia’s biggest financial institutions, is an outspoken critic of the invasion and of President Vladimir Putin.

Businessman Oleg Tinkov renounced his Russian citizenship saying that he does not want to be associated with “fascism” or with people who collaborate with “murderers”.

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In his Instagram post today, the 54-year-old founder of Tinkoff Bank wrote: “I decided to renounce my Russian citizenship after Russia’s invasion of independent Ukraine. I am against this war and the killing of peaceful people.”

Tinkov, whose digital credit card start-up TCS Group Holding has become one of Russia’s largest financial institutions, he is an outspoken critic of the invasion and of President Vladimir Putin.

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The businessman was forced in April to sell the 35 percent he owned of TCS, the parent company of Tinkoff Bank, to Russian mining magnate Vladimir Potanin after a series of anti-war comments he made.

Tinkoff said an initial post on Instagram yesterday, Monday, which included a photo of a certificate renouncing his citizenship since October 26, had “mysteriously disappeared”.

Tinkoff also said today that he is suing to force the bank to stop using his name.

“My name should not be associated with fascism,” Tinkoff said. “I hate having my brand/name associated with the bank that works with killers and blood.”

The bank, for its part, said it legally has the full right to use the Tinkoff brand, TASS news agency reported.

The tycoon, who has likened himself to British billionaire Richard Branson and was worth nearly $10 billion at his peak, had built electronics, frozen food and beer brands before founding Tinkoff Bank in his mid-teens 2000.

Before he sold his stake, Britain had sanctioned Tinkoff, saying he “received benefits from the Russian government” through his stake in a systemically important company.

Tinkoff is believed to be living in London, where he has been undergoing treatment for leukemia for years. He says he no longer has business interests in Russia.

Tinkoff previously held US citizenship, but renounced it around the time Tinkoff Bank went public. According to Washington, he did it to avoid paying taxes.

Last year Tinkoff reached a $500 million settlement with the US Department of Justice.

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Megan
Megan
I am currently a news writer for News Bulletin247 where I mostly cover sports news. I have always been interested in writing and it is something I am very passionate about. In my spare time, I enjoy reading and spending time with my family and friends.

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