London Daily

Focus on the big picture.
Monday, Jun 02, 2025

Business mogul renounces Russian citizenship

Business mogul renounces Russian citizenship

The founder of Tinkoff Bank, Oleg Tinkov, has renounced his Russian citizenship due to the “crazy war” in Ukraine
Oleg Tinkov, the founder of one of Russia’s largest private banks, has revealed that he has renounced Russian citizenship due to Moscow’s “crazy war” in Ukraine. On Monday, the tycoon shared an English-language copy of a “certificate of the ending of the citizenship of the Russian Federation,” issued in Geneva on October 26, on Instagram.

“I can’t and won’t be associated with a fascist country, that started a war with their peaceful neighbor and killing [sic] innocent people daily. It is a shame for me to continue to hold this passport,” Tinkov wrote.

He expressed hope that “more prominent Russian businessmen” would follow his lead in order to weaken “Putin’s regime and his economy.”

He concluded the post by saying that he hated “Putin’s Russia,” but loved all Russians “who are clearly against this crazy war.” In a Russian version of his statement, Tinkov called himself “a true Russian hero.”

Unlike the US, Russia doesn’t impose an exit tax on people who renounce their citizenship. Tinkov, who was convicted of tax fraud in 2021 and agreed to pay more than $500 million in penalties, allegedly lied about his net worth to avoid the exit tax when he renounced his US citizenship in 2013.

Since Russia sent troops into Ukraine on February 24, Tinkov’s fortune has dramatically decreased. According to the Bloomberg Billionaires Index, his net worth exceeded $8 billion in November last year. By early March, amid Western sanctions on the Russian banking system, Tinkov’s shares slumped by more than 90% and his fortune shrank to less than $1 billion, according to Forbes.

In April, after being subjected to UK sanctions, he sold his family’s share in TSC Group, which controls Tinkoff Bank, to Interros – a company controlled by one of the richest people in Russia, Vladimir Potanin.

At the time, Tinkoff Bank, which is considered to be the world's largest digital bank, was not commenting on its founder’s political stance but announced a change of name plan.

Tinkov is not the first business mogul to renounce his Russian citizenship.

On Monday, Bloomberg reported that the co-founder and chief executive officer of the London-based fintech startup Revolut, Nikolay Storonsky, had also cut ties to his homeland.

Earlier this month, Moscow-born and California-based billionaire Yuri Milner renounced his Russian citizenship. Several other Russian-born businessmen tried to distance themselves from their native country amid public outrage in the West over the Ukraine conflict and efforts by the US and its allies to seize the assets of so-called oligarchs with ties to the Kremlin.

Milner was among at least seven Russian billionaires who asked US-based Forbes magazine to refrain from mentioning their national origins.
Newsletter

Related Articles

0:00
0:00
Close
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
×