Russian Banker Who Criticized Russia Forced to Sell Shares in His Own Bank for Peanuts

The founder of Russian "Tinkoff Bank," Oleg Tinkov, said in an interview with The New York Times (NYT) that he was forced to sell his stake in the bank for "pennies." According to him, this occurred after his public criticism of the Russian military actions in Ukraine.

On May 1, Tinkov gave a phone interview to NYT, refusing to disclose his location. On April 19, he posted a message stating that 90% of Russians do not support the military operation. On April 20, according to the businessman, Kremlin representatives contacted the management of "Tinkoff Bank" and threatened to nationalize it if the bank did not "cut ties" with Tinkov. On April 22, "Tinkoff" announced a rebranding.

Oleg Tinkov mentioned that he sold his stake in the bank "out of desperation." He did not reveal the value of the transaction but elaborated that he received 3% of the actual value of the shares. "I couldn’t negotiate the price. You’re like a hostage—taking what’s offered to you. I couldn’t negotiate," the businessman said.

He also thanked Vladimir Potanin, who purchased his stake, stating that Potanin "allowed him to at least receive some money" from the sale of the bank. Tinkov stated that many Russian businessmen and members of the 'elite' privately told him that they agree with his position on Ukraine, but "everyone is afraid" to express that opinion.

He also mentioned that he hired bodyguards after his friends, "who have connections in Russian security services," told him that he "should be afraid for his life." Tinkov criticized the war in Ukraine, stating that he sees no beneficiaries in this "crazy war" as innocent people and soldiers are dying. He also noted that the quality of the Russian army is not what the leaders of security forces expected.

In a post on his Instagram account, Tinkov wrote: "Generals, waking up from a stupor, realized that their army is in a disgraceful state. Where can a good army come from if all other sectors in the country are deteriorating, soaked in servitude? Kremlin officials are shocked that not only they but their children will not be able to go to the Mediterranean in summer. Businessmen in the country are trying to save their remaining assets. Of course, there are fools who paint the Z sign, but fools make up 10% of any country. 90% of Russians are against this war," Tinkov wrote.