British Sanctions Against Russian Businessman Oleg Tinkov Lifted

The UK’s Office of Financial Sanctions Implementation has lifted sanctions against Russian businessman Oleg Tinkov, which were imposed in March of last year. It is noted that the businessman had requested their removal.

Billionaire Richard Branson, founder of the Virgin Group, had also reached out to British authorities with a request to revoke the sanctions against Tinkov.

The UK government had justified the imposition of sanctions against Oleg Tinkov by mentioning that he is a shareholder of Tinkoff Bank, which operates in an "industry of strategic importance" for the Russian government, and that in this capacity he has "participated in receiving or supporting perks from the Russian government." On July 17, 2023, Richard Branson stated that although Oleg Tinkov is a "wealthy Russian businessman, he has never been an oligarch," and described the application of sanctions against him as unfounded.