Russian oligarch Oleg Tinkov faces retaliation after lashing out at Putin and Ukraine invasion

He raised his voice against the invasion of Ukraine and lost millions.

Oleg Tinkova Russian oligarch who last month criticized the “slaughter” that his country is carrying out in Ukraine, assures that he had to sell the shares he owned in the TCS Group Holding, which controls the Tinkoff Bank, in the face of alleged threats from the Kremlin to nationalize that institution.

Look: The version of the war in Ukraine that the West does not want to hear

“I couldn’t argue with the price. It was as if he was a hostage, you take what they offer you. I couldn’t negotiate”said the tycoon about the sale to New York Times.

The package that represents 35% of the shares of TCS – whose set of companies under the Tinkoff brand covers sectors ranging from banking and insurance to mobile services – was acquired by a company owned by mining magnate Vladimir Potanin, known for his ties to Vladimir Putin.

According to Tinkov, the day after his Instagram message was posted calling for an end to the “crazy war” in Ukraine, Kremlin officials contacted Tinkoff bank executives to warn them that if they did not cut ties with him, then the bank would be nationalized.

The financial institution that last Thursday reported on the share sale denied New York Times that the transaction had taken place under pressure. “There have been no threats of any kind against the leadership of the bank”he pointed.

Loss of value

Since its founder criticized the Russian invasion of Ukraine, the bank has made public efforts to disassociate itself from him.

“Oleg has not been to Moscow for many yearshe was not involved in the life of the company and has not been involved in any matters,” the bank said in a statement.

Tinkoff Bank is one of the most important in Russia.

Indeed, Tinkov has lived outside Russia since 2019, when he left to undergo medical treatment for leukemia. Subsequently, he stepped down as president although he kept his shares.

At the end of last year, the price of the TCS group on the London Stock Exchange was around US$20,000 million, although according to Forbes magazine since the beginning of the war they fell by more than 90%.

According to that post, At its peak, Tinkov’s fortune was valued at $7.7 billion..

Although it has not been revealed how much money he now received from the sale of his stock package, estimates published by the newspaper Kommersant of Moscow estimate that the transaction was made for about 15,000,000,000, which is equivalent to about US$210 million.

But, if Tinkov fell out of favor with the Kremlin. What did he say to bring about this result?

Tinkov’s strong words

Warning: This story contains language that some may find offensive.

In an Instagram post full of high-sounding expressionsTinkov assured that he does not see “any beneficiary” in the conflict in Ukraine.

Oleg Tinkov was the owner of the Tinkoff-Saxo cycling team.

In addition to founding the global online bank Tinkoff Bank, the entrepreneur owned the Tinkoff-Saxo cycling team.

He is also one of the highest-profile Russians to have publicly condemned the actions of Russian President Vladimir Putin.

Two of the country’s most prominent oligarchs, Mikhail Fridman and Oleg Deripaska, have made their own calls for peace, but have stopped short of directly criticizing Putin.

Tinkov has previously denied having a close relationship with President Putin and, in fact, made his fortune in sectors other than mining and energy, where most of the Kremlin-linked businessmen hail from.

In his Instagram post, Tinkov claimed that 90% of Russians are against the war in Ukraine and added that “Imbeciles are 10% in any country”.

“I don’t see ONE SINGLE beneficiary in this crazy war! Innocent people and soldiers are dying,” he added.

“Upon waking up with a hangover, the generals realized that they have a fucking army”.

“And how is the army going to be good if everything else in the country is crap and based on nepotism, flattery and subservience?” he continued.

Before Russia invaded Ukraine at the end of February, Tinkov’s wealth was estimated at more than $4.4 billion.

But he has since lost his billionaire status, as his bank’s shares have plummeted, he reported. Forbes in March.

Tinkov wrote in his post, this time in English: “Dear ‘Collective West,’ please give Mr. Putin a clear way out to save face and stop this massacre. Please be more rational and humane.”

For his unconventional style, Tinkov is compared to British businessman Richard Branson.

The Russian businessman has been described as a “serial entrepreneur” whose career has ranged from cycling competitions to importing electronics, selling frozen foods, brewing beer, issuing credit cards, and then back to two wheels as owner of the Tinkoff-Saxo cycling team .

Criticism from other oligarchs

Fridman, a billionaire banker, has stated that any personal comments could be a risk not only for him but also for the directors and staff of his businesses.

Meanwhile, businessman Boris Mints, who worked for the Russian government in the 1990s but was fired from his political duties four days after Putin took office, joined Tinkov in directly criticizing the president.

Mints, who lives in the UK, is currently the subject of legal action by the Kremlin. He told the BBC that “every sensible person has a duty to denounce this terrible war and the growing authoritarianism of Vladimir Putin.”

“We must all do what we can to support Ukrainians suffering from this violent attack, whether in Ukraine or as refugees beyond its borders,” he added.

The UK government has sanctioned Tinkov and many other Russians identified as having close ties to the Kremlin. Mints has not been sanctioned.

*This story was originally published on April 20, 2022 with information from BBC News Business Reporter Michael Race.

Source: Elcomercio