Revolut boss renounces Russian citizenship as his father is sanctioned by Ukraine

Revolut’s chief executive has renounced his Russian citizenship as he continues his long pursuit of a UK banking license and his father is sanctioned by Ukraine for his role at Gazprom.

Nikolay Storonsky Jnr, co-founder of the $33bn (£28.5bn) fintech company, previously held British and Russian passports but renounced his Russian citizenship after Ukraine was invaded by Vladimir Putin, The Telegraph can reveal.

It comes as his father, Nikolay Storonsky Snr, was sanctioned earlier this month by the Ukrainian government for his role as chief executive of Gazprom Promgaz, the engineering and research arm of the Kremlin-controlled energy company. .

Mr Storonsky Snr was included in a new Ukraine sanctions list on October 19 which was proposed by the country’s National Security and Defense Council (NSDC) and approved by President Zelensky.

The NSDC said that due to his position at Gazprom Promgaz, Mr. Storonsky Snr “is responsible for the material and financial support of actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine”.

As a result of the sanctions, Mr. Storonsky Snr’s Ukrainian assets will be frozen and he will be banned from entering Ukraine, his country of birth. He has not been sanctioned in any other jurisdiction.

The revelation that his father was sanctioned for the war and his decision to revoke his Russian citizenship highlights the difficult position the Revolut chief executive found himself in after Mr Putin invaded Ukraine in February .

Mr Storonsky Jnr publicly criticized the invasion of Russia from the start of the war, calling it “totally abhorrent” and suspending Revolut’s operations in Russia and Belarus.

The company has also established a new hub in Dubai to relocate its Ukrainian and Russian staff and their families after the invasion.

This follows a turbulent few months for Revolut, with the company enduring a series of high-profile resignations and facing questions over its audit and a cyberattack that affected around 50,000 customers.

The company is also still awaiting a decision on its application for a UK banking license.which it applied to the Financial Conduct Authority in January 2021. Although he has a Lithuanian banking licensethe UK bid is seen as a key step in Revolut’s development that could help unlock additional funding in a tougher market for tech companies.

A Revolut spokesperson said: “Nik is a British citizen. Earlier this year, he renounced his birth citizenship in Russia. His position on the war is known to the public: the war is totally odious and he remains determined to call for an immediate end to the fighting.

“As the crisis escalated, we offered relocation assistance to all of our Ukraine-based employees, should they wish to relocate. These supports were made available to them whether they wished to relocate to another country. or elsewhere in Ukraine.We have also closed our offices in Russia, offering the same relocation assistance to our employees who worked there.

This month it was also revealed that billionaire Facebook investor Yuri Milner had renounced his Russian citizenship.

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