Tinkoff Bank has so far avoided being sanctioned as its founder and Putin critic Oleg Tinkov stayed in an orbit neither too close nor far from the Kremlin.
According to a report in the «Financial Times», the Russian bank Tinkoff has avoided being directly caught in sanctions that hit rival banks such as Sberbank and Gazprombank related to Russia's invasion of Ukraine.
Founded by Oleg Tinkov 16 years ago, Tinkoff Bank is one of Russia's largest banks that is not state-run and, in addition to avoiding sanctions, has remained on the all-important Swift global messaging system.
As a result, the bank has benefitted as people flocked to open accounts at the bank, while others transferred funds from Sberbank and VTB, which together account for nearly half of the banking market.
A critic of the Ukraine War
Tinkov bristles at being labeled an oligarch, and the son of a coal miner and seamstress prefers being viewed as a self-made businessman who didn't need a cozy relationship to win big contracts, the «FT» said. He is also an outspoken critic of the War in Ukraine.
In a series of posts on Instagram, he said «I don't see ANY beneficiary of the crazy war! Innocent people and soldiers are dying» he said in one. In another, he wrote «How will the army be good, if everything else in the country is shit and mired in [nepotism] and servility?», according to the «FT» article. That is a pretty clear indication he is attempting to distance himself from Russian President Vladimir Putin.
Personally Sanctioned
While the bank he founded has managed to escape sanctions, Tinkov himself has not. Last month he was put on the sanctions list in the U.K., which means having had his assets frozen, barred from doing business with companies and citizens there, and is prohibited from entering the country.
The bank, however, said this would not affect it since he no longer holds a majority or controlling interest, having reduced his stake to 35 percent. Moreover, the bank said he no longer works there and is now being run by Oliver Hughes and Pavel Fedorov, the «FT» said.
Viewed as a Big No-No
Tinkov has also tangled with western governments, notably the U.S. where he was accused of under-reporting assets to the Internal Revenue Service (IRS) to the tune of $1 billion after Tinkoff Bank went public.
Just before the IPO, Tinkov renounced his U.S. citizenship, which is something the IRS views as a big no-no. For people giving up their citizenship having a net worth over of $2 million, an exit tax based on all assets including homes, deferred compensation, and pensions at the time of expatriation is likely to be applied. The case was later settled for just over $500 million, allowing him to avoid extradition to the U.S.
