Former Russian banking tycoon Oleg Tinkov says a single Instagram post condemning the war in Ukraine cost him nearly $9 billion, after he was forced to sell his stake in his bank for a fraction of its real value. He described the episode as a “hostage” situation that shows how dissenting billionaires are brought to heel in Vladimir Putin’s Russia.
Tinkov, the founder of Tinkoff Bank, was once celebrated as one of Russia’s wealthiest bankers. That status changed dramatically in April 2022, when he used Instagram to denounce the war as “insane” and to criticize Russia’s military as poorly prepared and riddled with corruption. As CNBC reported at the time, Tinkov claimed 90% of Russians opposed the war, and the remaining 10% were “morons.” He urged an immediate and “face-saving” end to the war.
