Why are Russian billionaires giving up their nationality

Billionaire banker and entrepreneur Oleg Tinkov said he renounced his Russian citizenship because of the conflict in Ukraine, which he had previously criticised.

He shared a picture of a certificate confirming the "ending" of his Russian citizenship.

"I hate Putin's Russia, but love all Russians who are clearly against this crazy war!" Tinkov said.

The colourful billionaire is one of Russia's best-known self-made tycoons and founded the online Tinkoff Bank.

This is not all. Nikolay Storonsky, the 38-year-old co-founder and CEO of London-based fintech startup Revolut Ltd., also renounced his Russian citizenship. He’s worth $6.7 billion, according to the Bloomberg Billionaires Index.