Russian Billionaire Tinkov Agrees to Pay $500 Million Over US Tax Charges

Oleg Tinkov, Chairman of the Board of Directors of Tinkoff Bank, attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, on June 7, 2019. Maxim Shemetov/Reuters, File Photo

MOSCOW—Billionaire Oleg Tinkov, whose online bank is Russia’s second-biggest credit card issuer, pleaded guilty on Friday to filing a false U.S. tax return and agreed to pay $507 million in taxes, interest, and penalties, the U.S. Department of Justice said.

He had been accused of concealing $1 billion in assets and income when renouncing his U.S. citizenship in 2013.