Russian billionaire Oleg Tinkov renounces citizenship over Ukraine invasion

Tinkov and Revolut founder Nikolay Storonsky gave up their citizenship on Monday

Former Russian business tycoon Oleg Tinkov. Reuters
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Oleg Tinkov has renounced his Russian citizenship after becoming one of the country's first billionaires to speak out against the invasion of Ukraine.

“I have taken the decision to exit my Russian citizenship,” Mr Tinkov said on Monday on his Instagram account.

He said he did not want to be associated with a country “that started a war with their peaceful neighbour and killing innocent people daily. It is a shame for me to continue to hold this passport".

In April, Mr Tinkov, 54 published on his Instagram account an expletive-filled post about Russia’s “insane war”.

A week later, after Tinkoff Bank’s co-chief executives quit and the bank distanced itself from its founder, and announced plans to drop his name from the brand, he sold his family’s stake to Vladimir Potanin for an undisclosed amount.

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Mr Tinkov, who had sanctions imposed by the UK in March, said he hoped more Russian tycoons would renounce their citizenship “so it weakens [Russian President Vladimir] Putin’s regime and his economy, and put him eventually to defeat".

“I hate Putin’s Russia, but love all Russians who are clearly against this crazy war,” he wrote on Monday.

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Mr Storonsky, 38, the co-founder and chief executive of London FinTech start-up Revolut., also renounced his Russian citizenship, Bloomberg reported on Monday.

He is worth $6.7 billion, according to the Bloomberg Billionaires Index.

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Updated: October 31, 2022, 9:40 PM