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UK government sanctions Oleg Tinkov

UK government sanctions Oleg Tinkov

Oleg Tinkov at the St. Petersburg International Economic Forum in 2019. Oleg Tinkov, who owned the Tinkoff team that employed the likes of Alberto Contador…

Saturday, Mar 26

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Oleg Tinkov at the St. Petersburg International Economic Forum in 2019. Oleg Tinkov, who owned the Tinkoff team that employed the likes of Alberto Contador and Peter Sagan, has been sanctioned by the UK government, with his assets in the UK to be frozen.

Tinkov was one of several wealthy Russian individuals who, along with a number of Russian businesses, have been hit with sanctions in response to Russia’s invasion of Ukraine.

Tinkov, 54, made the beginnings of his fortune in a variety of industries before he founded Tinkoff Bank in 2007. He initially became involved in the sponsorship of cycling via the Tinkoff Credit Systems team, which raced at the Pro Continental level. In 2012, Tinkoff Bank became a co-title sponsor of the Saxo Bank-Tinkoff Bank team, and Tinkov bought the team from Bjarne Riis in 2013.

With GC star Alberto Contador already on the roster, the squad signed Peter Sagan in 2015. Despite enjoying a fair bit of success in 2016, with Sagan winning his first Monument at that year’s Tour of Flanders, the team disbanded at the end of the year as Tinkov decided to end his commitment to cycling sponsorship.

In 2019, Tinkov was indicted on tax fraud charges by a US federal grand jury. He ultimately paid a settlement of more than $500 million, but avoided jail time. At around the same time, Tinkov was diagnosed with leukemia, and has since undergone chemotherapy.

In February of this year, Tinkov expressed opposition to Russia’s invasion of Ukraine on social media, […]

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