Oleg Y. Tinkov was worth more than $9 billion in November, renowned as one of Russia¡¯s few self-made business tycoons after building his fortune outside the energy and minerals industries that were the playgrounds of Russian kleptocracy.
Then, last month, Tinkov, the founder of one of Russia¡¯s biggest banks, criticized the war in Ukraine in a post on Instagram. The next day, he said, President Vladimir Putin¡¯s administration contacted his executives and threatened to nationalize his bank if it did not cut ties with him. Last week, he sold his 35% stake to a Russian mining billionaire in what he describes as a ¡°desperate sale, a fire sale¡± that was forced on him by the Kremlin.
¡°I couldn¡¯t discuss the price,¡± Tinkov said. ¡°It was like a hostage ¡ª you take what you are offered. I couldn¡¯t negotiate.¡±
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