Swiss-based Tinkov brands Russian oligarchs ‘cowards’

Oleg Tinkov, pictured here in 2013, says other wealthy Russians should follow his lead in standing up against Putin and the Ukraine war. Keystone / Sang Tan

Russian billionaire Oleg Tinkov has called on Russian oligarchs to have the courage to oppose Vladimir Putin and to condemn the war in Ukraine.

Tinkov is one of the few prominent Russians to openly criticise Russia’s invasion of Ukraine and has renounced his Russian citizenship.

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Diagnosed with leukemia, Tinkov now lives in Switzerland, according to the Financial Times. It is unclear whether he has Swiss citizenship.

Tinkov gave an interview to the newspaper after Britain over-turned sanctions against him this week, urging members of the Russian business elite to follow his lead.

“They need to pick a chair and sit on it. Sitting between two chairs like they did for the last 30 years, with a house in Belgravia [a high-end district of London] and being friends with Putin, doesn’t work anymore,” he said.

“Lots of them stopped talking to me because they’re scared. I stopped talking to others because they are cowards.”

Tinkov says he was forced to sell a majority stake in his bank, Tinkoff, to oligarch Vladimir Potanin last year. Switzerland has imposed sanctions against Tinkoff bank but not against Tinkov himself.

Despite facing the potential threat of assassination by Putin, Tinkov says that Britain’s decision to reverse the “mistake” of imposing sanctions on him could inspire other wealthy Russians.

His legal victory “can show other Russian businessmen — who are united around Putin thanks to sanctions — that you can make a statement and leave Russia for the civilised world.”

Since Russia’s invasion of Ukraine, Switzerland has frozen CHF7.5 billion ($8.7 billion) of assets belonging to oligarchs plus CHF7.4 billion of Russian central bank reserves.