Oleg Tinkov

Oleg Yuryevich Tinkov
Born	Polysayevo, Kemerovo Oblast, Russia
Occupation	Entrepreneur
Known for	Founder of Tinkoff Bank
Notable work	Technoshock, Daria, Tinkoff Beer, Tinkoff Bank

Oleg Yuryevich Tinkov () is an entrepreneur originally from Russia and a former billionaire.

He launched a chain of household appliance outlets called Technoshock, alongside frozen food manufacturing plants named Daria, and also established brewing enterprises and the Tinkoff restaurant franchise. Among his lesser-known projects are the music retailer Music Shock and the record label Shock Records, which helped introduce bands such as Kirpichi and Leningrad. Tinkov also founded and served as chairman of Tinkoff Bank (previously known as Tinkoff Credit Systems until 2015), which began operations in 2007. By the end of 2016, this bank was ranked 45th in assets and 33rd in equity within the Russian banking sector.

In 2019, he received a diagnosis of leukemia. That same year, a US grand jury charged him with knowingly submitting false tax returns and attempting to avoid paying more than $240 million in taxes amid his renunciation of US citizenship. Arrested in London in 2020, he opposed extradition citing health reasons but ultimately admitted guilt, leading to over $508 million owed in unpaid taxes, fines, penalties, time served, and supervised release. After complications following surgery in 2021, his survival probability was estimated at 40%, yet by 2022 his cancer had gone into remission. Subsequent to his diagnosis, he resigned from executive roles and created a leukemia charity fund with a personal contribution of $200 million.

The Bloomberg Billionaires Index assessed his wealth at $8.2 billion in November 2021; however, Forbes reported it as $0.8 billion four months later. In April 2022, after openly condemning the Russian invasion of Ukraine, Tinkov was threatened by officials aligned with Putin’s administration with nationalization of Tinkoff Bank. Under duress, he sold his 35% ownership stake and went into hiding. By October 2022, he renounced his Russian citizenship, attributing his decision to the Russo-Ukrainian conflict and what he described as "Putin fascism".

Early years

Born in Polysayevo, Kemerovo Oblast, Tinkov grew up as the son of a miner and a seamstress. From the age of twelve, he actively participated in road cycling competitions, achieving the rank of candidate master of sports in 1984. During training camps, he began engaging in black market trading by purchasing scarce items in Central Asia and reselling them in Leninsk-Kuznetsky. His cycling pursuits were interrupted by military service between 1986 and 1988 in the Far East, where he served with border troops.

University

In 1988, Tinkov enrolled at the Mining Institute, which hosted many international students and offered trade opportunities. There, he traded goods such as jeans, cosmetics, caviar, vodka, and Japanese household appliances obtained from miners. His trading activities extended abroad: he exported electrical appliances to Poland and imported office supplies along with other products.

He worked alongside fellow students who later founded prominent retail chains: Oleg Zherebtsov (Lenta), Oleg Leonov (DIXY), and Andrey Rogachev (LEC and Pyaterochka). In 1999, he pursued further studies at the University of California, Berkeley.

Family

In June 2009, after two decades together, Tinkov married Estonian Rina Vosman. Their daughter Daria attended King's College London, while their sons Pasha and Roman studied at St Edward's School, Oxford.

Technoshock

In 1992, Tinkov initiated electronics wholesale operations from Singapore, founding Petrosib along with regional branches to supply products throughout Russia. Beginning with calculators, the range soon expanded to include office devices, televisions, and other electronics. A pivotal development occurred when an Indian supplier sent a half-container of TVs on credit, facilitating a transition to containerized sea shipping.

As wholesale margins diminished, Tinkov shifted focus to retail. In 1994, Petrosib launched its inaugural Sony-branded outlet in St. Petersburg, followed by a second store and an additional branch in San Francisco. By 1995, these stores consolidated under the Technoshock brand, concentrating on premium household appliances with high price points. The company was among the first in Russia to implement structured sales consultant training. Sergio Gutsalenko, an American with Russian heritage, took on the role of president. By 1996, Technoshock managed five stores in St. Petersburg and expanded to Omsk, Kemerovo, and Novorossiysk, doubling turnover to $40 million.

The arrival of Eldorado stores in St. Petersburg in 1997 intensified competition and compressed profits. That year, Tinkov divested Technoshock to its management team for $7 million and redirected the capital into the pelmeni industry.

Alongside Technoshock, Tinkov introduced the Music Shock chain in 1996, known for hosting performances by renowned artists during store openings. In 1998, ownership of Music Shock transferred to Moscow’s Gala Records.

Together with Ilya Bortnyuk, Tinkov established the Shock Records label, which launched debut albums for groups like Kirpichi, Leningrad, and produced projects such as Vladimir Dashkevich’s symphonic work for Sherlock Holmes and Dr. Watson. Additionally, Music Shock published an extensive book about Viktor Tsoi.

Daria

The frozen food line branded as Daria, named after Tinkov's daughter, originated from an idea inspired by a Greek distributor supplying ravioli production equipment in Russia. Production started in early 1998 at a facility in Peterhof under the trademark Smak, licensed from Andrey Makarevich’s company. Following a dispute, the brand was renamed Smak St. Petersburg. The economic downturn of 1998 motivated the creation of an independent brand that successfully grew market share. A new factory opened in December 1998 in St. Petersburg dedicated exclusively to producing Daria products at first. Other brands manufactured included Tolsty kok, Dobry product, and Tsar-batyushka.

Daria gained market recognition through a daring advertising campaign featuring billboards depicting female buttocks dusted with flour alongside the slogan Your favorite pelmeni!. Another advertisement included the phrase From these raviolek you’ll get stomach cramps, which provoked a counter-campaign from the competing Ravioli company.

In 2001, Tinkov sold the Daria brand to Planeta Management, owned by Roman Abramovich and Andrew Bloch, for $21 million; $7 million of this amount was allocated to debt repayment.

Tinkoff Beer

In 1997, Tinkov faced challenges securing investors for his brewery project. Crucial discussions at Munich’s Drinktec exhibition led to a concept combining a brewery with a restaurant and adopting his family name for the beer brand following Bavarian customs.

The initial capital injection amounted to one million Deutschmarks; the first restaurant opened in August 1998 on Kazanskaya Street in St. Petersburg. Shortly thereafter, bottled beer production commenced. In 2001, a Moscow location launched with a $2 million investment; subsequent openings took place in Samara (2002), Novosibirsk (2003), and later in Nizhny Novgorod, Kazan, Ufa, Yekaterinburg, Vladivostok, and Sochi.

By summer 2003, the inaugural brewery plant was completed with financing support from Zenit Bank. A second production facility valued at approximately $75 million was funded through bond offerings and loans from Zenit Bank alongside Germany’s HypoVereinsbank.

The brewery portfolio included brands such as Tinkoff beer, Tekiza, and T. The company invested substantially in mass marketing efforts, including a provocative collaboration with photographer Oliviero Toscani.

In 2005, Sun Interbrew purchased Tinkoff’s breweries and brand for around $200 million. Following this sale, Tinkov sold and leased back his restaurant properties to Troika Dialog for roughly $10–12 million. By 2008–2009, ownership of these restaurants transferred to Mint Capital equity fund.

Tinkoff Bank

On November 18, 2005, Oleg Tinkov unveiled his vision for a new banking venture on Necker Island. The following year, he purchased Moscow's Himmashbank and introduced Russia’s inaugural online bank. Although initial investments proved difficult, the institution’s profits expanded dramatically—by fifty times—during the 2008 global financial downturn.

Tinkoff Credit Systems managed to cut expenses through innovative marketing strategies and extensive automation, placing strong emphasis on computer data processing over manual labor. At its inception, the bank did not accept deposits and instead utilized its own funds for lending activities.

A key factor in the bank’s expansion was its exclusive technology infrastructure. Its 2013 initial public offering ranked among the largest in Russia that year, doubling Tinkov’s personal wealth and positioning him at 1210th on the worldwide billionaire list. Shortly after the IPO, on October 14, 2013, Tinkov relinquished his U.S. citizenship.

In early 2015, Tinkoff Credit Systems underwent rebranding to become Tinkoff Bank, reflecting a broader range of financial services.

By February 2020, Tinkov maintained a 44% ownership stake in the bank, which remained his core enterprise. In December of that year, he divested 5.3% of TCS Group for $325 million, lowering his share to 35%, while allocating $200 million to launch a leukemia research foundation.

In January 2021, his remaining shares were converted from class B to class A stock, resulting in a reduction of the Tinkov family’s voting power from 84% down to 35%.

The sanctions imposed in February 2022 following Russia’s invasion of Ukraine severely weakened the ruble and caused a sharp decline in Tinkoff’s stock value, leading to a significant loss of his net worth and removal from billionaire status.

Investments

According to a report by bne IntelliNews, Tinkov invested in Plata, a Fintech startup established by former employees of Tinkoff Bank. Since 2022, Plata has become the first startup from Latin America to achieve a valuation exceeding USD 1 billion.

Tinkoff Restaurants

The Tinkoff Restaurants cycling team, coached by Alexander Kuznetsov, was Russia’s third professional cycling outfit and the only one at its inception in January 2006. Operating out of Kuznetsov’s villa in Spain, it featured athletes from the Russian national Track cycling squad such as Mikhail Ignatiev, Nikolay Trusov, and Pavel Brutt. The team received joint sponsorship from Siberia airline and operated with an annual budget of $4 million.

In 2006, they secured first place in the team pursuit event at the Track Cycling World Cup held in Los Angeles, while Pavel Brutt earned victories at both the Tour of Greece and the Cinturón a Mallorca. The team eventually disbanded due to disputes between Kuznetsov and Tinkov.

Cycling

A former candidate master of sports in road cycling within the USSR, Tinkov established the professional cycling team Tinkoff Restaurants in 2005. This team was later renamed Tinkoff Credit Systems and served as the foundation for what became the Katusha–Alpecin team. Between December 2013 and November 2016, he owned the professional cycling team known as Tinkoff.

Tinkoff Credit Systems

Founded in 2007 under Italian management and registration, Tinkoff Credit Systems operated with a UCI Professional Continental license, granting access to prominent European cycling competitions. The team featured a predominantly international lineup, spearheaded by American cyclist Tyler Hamilton. Their notable achievements, especially during the 2008 Giro d'Italia, attracted the interest of entrepreneur Igor Makarov, which subsequently led to the establishment of the Russian squad Katusha–Alpecin, backed by Gazprom and Rostec sponsorship.

Tinkoff team

In December 2013, through his company Tinkoff Sport A/C, Oleg Tinkov purchased a cycling team previously managed by ex-professional rider Bjarne Riis, which had been sponsored by Tinkoff Credit Systems starting in 2012. At that time, Tinkoff and Katusha were the sole Russian representatives in UCI World Tour competitions. Tinkov was deeply involved in the team's operations, regularly attending training sessions and traveling alongside the riders. He openly expressed criticism toward professional cycling’s bureaucratic framework and outdated sponsorship approaches.

Tinkov also took on a shareholder role in Velon, an initiative within the World Tour designed to boost event attractiveness while safeguarding the interests of sponsors and team owners. He proposed a Grand Tour format that would enable elite cyclists to compete in all three major stage races annually, offering a €1 million incentive each to Alberto Contador and his competitors Chris Froome and Vincenzo Nibali for participating in all Grand Tours during 2014.

Starting in 2016, the squad competed under the name Tinkoff after Saxo Bank chose not to renew its sponsorship agreement. By late 2015, Tinkov declared his intention to withdraw from professional cycling and put the team up for sale. He cited high operating expenses—approximately €20 million per year—with a total investment nearing €50 million alongside the bank, limited branding opportunities, financial losses, absence of meaningful reforms in the sport, and persistent disputes between UCI and Amaury Sport Organisation as reasons for his decision. The team secured second place in its final season before dissolving in November 2016.

Other

Among Oleg Tinkov’s possessions is a private aircraft: a Dassault Falcon 7X emblazoned with his bank’s branding. In September 2015, he announced plans to invest 250 million rubles into constructing a hotel and leisure complex in Kamchatka’s Elizovo area—a region he frequently visited. Although initially scheduled for completion by late 2016, the project was abandoned in January 2016 due to opposition from local residents. Subsequently, Tinkov redirected his efforts toward developments in the French Alps.

By June 2016, he inaugurated two upscale chalets named La Datcha, located at the Courchevel and Val Thorens ski resorts. Further expansion plans included additional properties in Forte dei Marmi and Astrakhan projected for 2017 and 2018.

On 3 July 2020, Tinkov unveiled La Datcha, the world’s first privately owned icebreaker yacht, at Vlissingen in the Netherlands. Measuring 77 meters in length and valued at €100 million, this vessel features an icebreaker-class hull meeting polar navigation standards and accommodates up to 12 guests. It is offered for weekly charter throughout most of the year.

In 2017, Tinkov relinquished his United States citizenship. That same year, he was listed among Russian oligarchs identified under the Countering America’s Adversaries Through Sanctions Act (CAATSA), enacted by then-President Donald Trump.

Publications

Between 2007 and 2010, Tinkov contributed as a columnist to Finance magazine. Following this period, in 2010, the magazine's chief editor Oleg Anisimov joined Tinkoff Bank and partnered with Tinkov to produce the TV program Business secrets with Oleg Tinkoff on the digital platform Russia.ru. After a two-year hiatus, the show resumed in 2015, featuring a notable interview with Mikhail Fridman.

Tinkov actively engages on Facebook and Twitter, where his confrontational communication style frequently leads to disputes and exchanges of insults.

He has published two books that encapsulate his entrepreneurial journey: I am like everyone (2010) and How to become a businessman (2011).

Tinkoff lane

To enhance the visibility of the Tinkoff brand, a fictional forebear named Porphyry Tinkoff was created—a brewer who purportedly supplied beer to the imperial court starting in 1759. A fabricated proposal about this ancestor was submitted to St. Petersburg’s Toponymy Commission, which approved naming a street after the Tinkoff family. Consequently, on 7 July 2003, Tinkoff Lane was officially designated in Pushkin, Saint Petersburg.

Conflict with bloggers

On August 8, 2017, the YouTube channel NEMAGIA released a review concerning Oleg Tinkov and Tinkoff Bank, attracting widespread online attention. Subsequently, on August 28, Tinkov initiated legal action at the Kemerovo District Court to defend his honor, dignity, and business reputation. By September 4, Roskomnadzor mandated removal of the contentious video. On September 12, law enforcement conducted searches at co-author Alexei Pskovitin’s residence and seized computer equipment; police officers were dispatched from Moscow for this operation. During this episode, numerous Russian bloggers expressed support for NEMAGIA. On September 26, Tinkov withdrew all legal claims against the bloggers, leading to the dismissal of the associated criminal case.

Deripaska's lawsuit

In May 2022, Russian entrepreneur Oleg Deripaska filed a lawsuit against Tinkov over an Instagram comment in which Tinkov labeled Deripaska "an oligarch and a thief." Meta, Instagram’s parent company, was named as a co-defendant. The lawsuit sought damages amounting to 2 billion rubles. Proceedings commenced on August 16 at Ust-Labinsk District Court in Krasnodar Krai before being transferred later that month to the Arbitration Court of the Moscow Region.

US tax evasion case

On February 27, 2020, Tinkoff Credit Systems Group Holding PLC (TCSGH) announced that Oleg Tinkov was attending court hearings in London related to an investigation initiated by the US Internal Revenue Service. Two days later, reports indicated that Tinkov posted £20 million bail to avoid incarceration ahead of an extradition hearing scheduled for April. Conditions of his release included surrendering all passports and adhering to a 12-hour daily house arrest. On March 2, 2020, TCSGH confirmed these arrangements. An indictment dated September 26, 2019, was unsealed on March 5 following Tinkov’s arrest; it accused him of concealing $1 billion in assets and income upon renouncing his U.S. citizenship. He faced two charges of tax fraud, each carrying up to three years imprisonment. In October 2021, Tinkov resolved the tax dispute by agreeing to pay over $506.8 million—including $248.5 million in back taxes—thereby avoiding prison time.

Health

After the indictment was made public on March 6, 2020, Tinkov revealed his struggle with acute leukemia, a condition diagnosed in October 2019. He had undergone chemotherapy treatment, and his health challenges partly explained his lack of public communication. Following this disclosure, shares of TCS Group, where he held a board position, fell by nearly 25% on the Moscow Exchange.

By December 18, 2020, Tinkov announced that he had achieved full remission from cancer after receiving a bone marrow transplant. In a significant personal event in 2022, he met the donor who saved his life and conveyed deep appreciation.

Cancer Fund

In December 2020, Oleg Tinkov declared his intention to create a charitable organization dedicated to aiding leukemia patients. The Tinkov Family Foundation (TFF) was officially established in 2021 with objectives that include promoting donor registration, establishing a national bone marrow stem cell database, expanding transplantation facilities in Russia’s remote areas, and offering training programs for hematologists. Tinkov personally contributed over $200 million to support the foundation’s initiatives.

In August 2021, TFF entered into a strategic alliance with the Leukemia Foundation to provide financial assistance for research projects, operational costs, and medication acquisition. By October 2021, the foundation pledged 400 million rubles toward a program designed to treat upwards of 900 leukemia patients over three years.

After being labeled a “foreign agent” by Russian authorities, Tinkov announced the closure of the Tinkov Family Foundation and resigned from the Leukemia Foundation’s board to prevent interference with their activities.

Sanctions and crackdown

Tinkov has expressed clear opposition to Vladimir Putin, especially concerning the 2022 Russian invasion of Ukraine. On April 19, 2022, he posted on Instagram denouncing the conflict, claiming that "90% of Russians oppose this war" and urging the "collective West" to provide Putin with an honorable path to end hostilities.

The day following his public condemnation, Tinkov disclosed that officials from the presidential administration pressured him to sell his 35% stake in Tinkoff Bank under threat of nationalization at approximately 3% of its actual value. On May 3, 2022, he announced the withdrawal of the Tinkoff and La Datcha brands from Russia as a way to distance his family enterprises from the ongoing conflict.

Subsequently, a civic group petitioned Russia’s Prosecutor General to classify Tinkov as a "Foreign agent". In February 2024, the Ministry of Justice officially added him to the foreign agents list.

On November 1, 2022, Tinkov renounced his Russian citizenship and began legal procedures to remove his name from ownership records of Tinkoff Bank.

UK sanctions

In March 2022, the UK government imposed sanctions on Tinkov due to his control of financial sector businesses considered "strategic" for the Russian state. As part of these measures, his yachts, vessels, and aircraft were prohibited from entering British ports and airports; however, he was not banned from traveling to the UK.

Despite these restrictions, Forbes and Forbes Russia do not classify Oleg Tinkov as an oligarch, emphasizing that he amassed his wealth independently without connections to either Boris Yeltsin’s or Vladimir Putin’s regimes.

The sanctions imposed on Tinkov were lifted on July 20, 2023.

Publications

• Я такой как все (I Am Like Everyone Else), Eksmo, 2010, 260 pages, ISBN 978-5-9902155-1-1
• Как стать бизнесменом (Becoming a Businessman), Eksmo / Alpina Publisher, 2011, 256 pages, ISBN 978-5-699-51390-1

External links

• Oleg Tinkov Instagram (account closed as of July 2017)