Russian banking mogul Oleg Tinkov renounces citizenship

Nov. 1 (UPI) -- Oleg Tinkov, a former Russian banking tycoon, has renounced his Russian citizenship, saying he could no longer support a fascist regime targeting its "peaceful neighbor" in Ukraine.

In a now-deleted post on Instagram, which featured a picture of the certificate renouncing the citizenship, Tinkov said he could no longer support the Kremlin.

"I can't and won be associated with a fascist country that started a war with their peaceful neighbor and [kills] innocent people daily," he wrote. "It is a shame for me to continue to hold this passport."

He started Tinkov Bank in 2006, which eventually grew to become one of the largest online banks in the world. That left him with a net worth of some $2.1 billion.

Reporting from NBC News finds Tinkov was forced to sell off a 35% stake in the parent company of his bank to Vladimir Potanin, a Russian metals tycoon, after making a series of comments critical of the war in Ukraine in April.

The Kremlin has taken a harsh stance against its critics. President Vladimir Putin in September signed a series of laws cracking down on military dissent and providing incentives for those who volunteer or are conscripted to serve in the war in Ukraine.

More than 1,000 people have been arrested for protesting against the government since Putin unveiled a mass military mobilization decree in late September.

After a series of victories for Ukrainian forces, Moscow has escalated its attacks on the infrastructure in the former Soviet republic. Russian airstrikes on Kyiv left 40% of the residents of the capital city without water.

Taking out Ukrainian civilian infrastructure, including electrical power and water, has been part of the Kremlin's new military plan for weeks as the typically harsh Ukrainian winter season approaches.

Tinkov also renounced his U.S. citizenship in 2013 after 17 years. He was also the target of an indictment from the U.S. Justice Department for filing false tax returns in 2020.