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Russian tycoon Tinkov sells stake in TCS Group to billionaire Potanin

Russian businessman Oleg Tinkov, who last week criticized Russia’s war in Ukraine, has sold his 35% stake in the company he founded to a firm controlled by Russian billionaire Vladimir Potanin, the companies said on Thursday. The assets of Tinkov-founded TCS Group Holding include Russia’s second-biggest credit card issuer, Tinkoff Bank, which a few days after Tinkov’s anti-war statement said it had decided to rebrand and drop its founder’s name. Potanin’s Interros Holding did not say how much it paid for the stake in TCS but the latter’s share price has plummeted since Russia invaded Ukraine in February, triggering sweeping Western sanctions on Russia.

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