The sanctions taken against Russia have serious consequences for the Russian oligarchs. Oleg Tinkov, founder of the digital bank Tinkoff, lost several billion dollars in a few weeks, thus losing his billionaire status.
By abandoning the sale of beer and dumplings to launch his digital bank, Oleg Tinkov had become one of the richest men in Russia. But the war in Ukraine and the sanctions imposed by European countries and their allies caused Tinkoff’s share price to fall by 90% on the London Stock Exchange, inflicting heavy losses on its founder.
a plummeting fortune
Since the beginning of the conflict, the Russian businessman has recorded a loss of more than five billion dollars and since 1er March, he is no longer a billionaire. Long before the start of the war, this son of a Siberian miner had multiplied the problems with the American justice system, which had accused him of tax evasion. He had been forced to pay $509 million to the US Department of Justice in October 2021 to settle the case.
According to the latest estimates from Forbes magazine, his fortune now stands at $800 million. However, he remains the owner of the Datcha Collection (a collection of luxury villas and chalets located in California and the French Alps) and a Falcon 7X, although the circulation of Russian aircraft is now prohibited in all airspace. British and European.
As for Tinkoff Bank’s market capitalization, it fell from $23 billion to just over $1 billion at the start of March. Shares of Lukoil, Russia’s largest independent oil producer founded by billionaire Vagit Alekperov, also fell 93% on the London Stock Exchange.
Oleg Tinkov is not the only Russian oligarch to suffer heavy losses. Arkadi Voloj, CEO and founder of Russian search engine Yandex, has also lost his billionaire status in recent days.