UK imposes sanctions on TCS Group founder Oleg Tinkov

MOSCOW. March 24 (Interfax) - The founder of TCS Group (parent company of Tinkoff Bank and Tinkoff Insurance) Oleg Tinkov has been included in the UK sanctions list, according to a document released by the Treasury.

The sanctions provide for freezing of assets and a ban on entry into the UK. Restrictions are imposed on the movement of ships and aircraft owed by Tinkov in UK territory.

Meanwhile, TCS group said in a statement that Tinkov's inclusion in the UK sanctions list in no way impact the group or its operating companies.

"These sanctions in no way affect TCS Group and its operating companies, which continue uninterrupted and unaffected," the statement reads. The group said that it would keep the market informed should there be more relevant information.

"These sanctions affect Mr. Tinkov in his personal capacity. For a significant period of time, Mr. Tinkov has not been a majority or controlling shareholder of TCS Group or any of its operating companies, does not exert influence on the business, and holds no decision-making position anywhere within thegroup," a spokesperson for the group told Interfax.

In March 2020, Tinkov transferred his stake in TCS Group to a family trust (the trust now owns 35.1%).

In the spring of 2020, the businessman announced that he had been diagnosed with an acute form of leukemia. Until recently, Tinkov had been undergoing treatment in the UK.