Russian Billionaire Says He Lost Rs 80,915 Crore After Criticising Ukraine War: "I Was Like A Hostage"

Former Russian banking magnate Oleg Tinkov has claimed that an Instagram post criticising the Ukraine war cost him a whopping Rs 80,915 crore ($9 billion). After the public criticism, Tinkov says he was pressured to sell his stake in his bank at a fraction of its true worth. He described the ordeal as a "hostage-like" situation, highlighting how dissenting voices, especially among wealthy elites, are silenced in Vladimir Putin's Russia.

What was the post about?

Tinkov, founder of Tinkoff Bank, was once regarded as one of Russia's most prominent and wealthy bankers. However, that changed in April 2022 when he took to Instagram to openly condemn the war in Ukraine, calling it "insane" and criticising the Russian military as corrupt and ill-prepared. According to CNBC, he also claimed that 90% of Russians were against the war, while the remaining 10% were, in his words, "morons." He called for an immediate resolution that would allow Russia to exit the conflict with dignity.

"I don't see a SINGLE beneficiary of this insane war! Innocent people and soldiers are dying. When the generals woke up from the hangover, they realized that they had a s**t army. And how will the army be good if everything else in the country is shit and rotten with nepotism, corruption, and worship of officials? Kremlin officials are shocked that not only they, but also their children will not go to the Mediterranean in the summer. Businessmen are trying to save the remains of property... of course there are morons drawing Z, but 10% of morons in any country. 90% of Russians are AGAINST this war! Dear "collective West" please give Mr. Putin a clear exit to save his face and stop this massacre. Please be more rational and humanitarian," the Insta post read, when translated from Russian.

See the post here:

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A post shared by Oleg Tinkov (@olegtinkov)

The aftermath

Tinkov recently told the BBC that just a day after his anti-war post, top executives at his bank were contacted by Kremlin-linked officials with a clear ultimatum: either Tinkov's shares would be sold and his name removed from the brand, or the government would nationalise the bank, which at the time was among Russia's largest lenders.

Tinkov says he was forced to sell his 35% stake in Tinkoff Bank at a very low price after his Instagram post. He wasn't allowed to negotiate and was asked to either take the offer or lose everything. "I was like a hostage," he said. A week later, a company linked to Russia's richest men bought his stake for just 3% of its real value, costing him $9 billion.

After selling his stake, Tinkov left Russia and even gave up his citizenship. He says the pressure didn't stop at his business. They wanted him to remove his name from the bank and erase his legacy. He's one of the few big business names to publicly ditch the Kremlin over the war. Tinkov thinks this shows how fast the rules change when oligarchs speak out. Others, like oil tycoon Mikhail Khodorkovsky, have faced similar heat. 

Who is Oleg Tinkov?

Oleg Tinkov is a Russian entrepreneur and former banking tycoon best known for founding Tinkoff Bank, one of Russia's largest online banks. He started his career in business in the 1990s and launched ventures in electronics, food, and beer before entering the financial sector.

Tinkov became a billionaire through his bank, which gained popularity for its digital-first approach and credit card services. In 2020, he stepped down as chairman after being diagnosed with leukemia. In 2022, he publicly denounced Russia's invasion of Ukraine, after which he claimed he was pressured to sell his stake in Tinkoff Bank. He later renounced his Russian citizenship in protest of the war.

"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 neighbour and killing innocent people daily," he said at the time. Tinkov is known for his outspoken nature and has lived abroad in recent years, including in the UK and Italy.