Ukraine war: An Instagram post cost this ex-Russian billionaire $9B
What's the story
Oleg Tinkov, a former Russian banking tycoon, has revealed that an Instagram post criticizing the Ukraine war cost him nearly $9 billion. The post led to immense pressure on Tinkov to sell his stake in Tinkoff Bank for a fraction of its actual value. He described the experience as "hostage-like," emphasizing how dissenting voices are silenced in Vladimir Putin's Russia.
Public stance
Tinkov's condemnation of the war and its aftermath
Once a celebrated banker, Tinkov publicly condemned the Ukraine invasion in April 2022. He called the war "insane" and criticized the Russian military as corrupt and unprepared. He also claimed that 90% of Russians opposed the war while calling those who supported it "morons." Just a day after his post, top executives at his bank were contacted by Kremlin-linked officials with an ultimatum: sell Tinkov's shares or face nationalization.
Coercive measures
Forced sale and its repercussions
Tinkov said he was coerced into selling his 35% stake in TCS Group, the parent company of his bank. He couldn't negotiate the price and was made to feel like a hostage. A week later, a firm linked to metals magnate Vladimir Potanin bought Tinkov's stake at just 3% of its market value, wiping out almost $9 billion from his decades-long wealth.
Exile life
Exit from Russia and citizenship renunciation
After the forced sale, Tinkov left Russia and renounced his citizenship. He claims the pressure didn't stop at the forced sale but also included efforts to remove his name from the bank's branding and erase his legacy. He is one of the few prominent business figures to publicly oppose the Kremlin over its stance on Ukraine.
New beginnings
Post-exit life and business ventures
Now in exile, Tinkov has slowly returned to public life. In 2025, he became a backer of Plata, a Mexican fintech company founded by former Tinkoff Bank executives. The episode with his Instagram post highlights how quickly and ruthlessly loyalty is enforced when oligarchs publicly oppose the Kremlin. This is similar to other dissenting tycoons like Mikhail Khodorkovsky who was jailed for a decade after challenging state power.