UK lifts sanctions on Russian businessman after Sir Richard Branson's statement

Tinkov publicly criticized the war in Ukraine. Credit: Maxim Shemetov/REUTERS

The Foreign Ministry lifted sanctions on serial entrepreneur Oleg Tinkov days after a personal appeal from billionaire Virgin.

Mr Tinkov, founder of digital bank Tinkoff, came under government sanctions a month after Russia's invasion of Ukraine in February 2022. citizenship and sold his stake in Tinkoff Bank.

He also publicly criticized the war in Ukraine, saying he did not want to be associated with «fascism» or people who collaborate with «murderers».

In November, he wrote on Instagram: “I have decided to renounce Russian citizenship following [sic] Russia’s invasion of independent Ukraine. I am against this war and the killing of civilians.»

Earlier this week, Sir Richard came out in support of Tinkoff by writing a letter to the Foreign Office calling for sanctions to be lifted.

Sir Richard knows Tinkoff for two decades now. Photo: DON EMMERT/AFP

The billionaire said that Tinkov «was erroneously included in the list of Russians subject to sanctions,» according to the Times.

«He was a wealthy Russian businessman, but he was never an oligarch. I have always known him as an independent dynamic entrepreneur. That is why I loved and supported him and continue to do so.

Sir Richard has known Tinkov for two decades. The first meeting was to discuss how the Virgin entrepreneur could set up his own bank. Mr. Tinkov was also a guest at Branson's home on Necker Island in the Caribbean.

On Thursday, the UK Treasury said Mr. Tinkov «is no longer subject to an asset freeze or trust services sanction.»

The law firm representing Mr. Tinkov, Corker Binning, said it welcomed the decision.

In a statement, they said: «As of February 202 For 3 years we argued that our client was wrong, unfair. These sanctions are irrationally haunting him.

“His appointment severely damaged his health, his ability to do business and his international reputation.”

Attorneys for Mr. Tinkov said his resistance to the invasion led the Russian government to force him to sell his 35% stake in Tinkoff Bank, owner of TCS Group, to Russian billionaire Vladimir Potanin.

The United States pursued 18 people and dozens of organizations, including Tinkoff Bank, in its latest Russia-related sanctions on Thursday.

Tinkoff Bank did not comment immediately.