Russian banker and billionaire Oleg Tinkov announced Monday that he has renounced his Russian citizenship due to the ongoing war in Ukraine, after he had harshly criticized the Russian invasion earlier.

“I have made the decision to renounce my Russian citizenship,” Tinkov said. I cannot and will not associate with a fascist state that waged war against its peaceful neighbor and is killing innocents daily,” a local Arabic newspaper quoted Tinkov as saying.

“I hope that more prominent Russian businessmen will follow my lead, as this weakens and ultimately defeats President Vladimir Putin’s regime and economy,” he said on Instagram.

Tinkov published a photo of a certificate confirming the “termination” of his Russian citizenship. “I hate Putin’s Russia, but I love all Russians who are clearly against this crazy war,” wrote one of Russia’s most famous businessmen and founder of Tinkoff Bank.

The online bank is one of the largest lenders in Russia after state giants Sberbank and VTB, and has more than 20 million customers.

Tinkoff resigned as CEO of Tinkoff in 2020, and Tinkoff’s bank has also distanced itself from its founder’s anti-Putin comments.

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