Oleg Tinkov has renounced his Russian citizenship ©Getty Images

Russian oligarch and former professional cycling team owner Oleg Tinkov has publicly renounced his Russian citizenship, again criticising his home nation's involvement in the invasion of Ukraine.

The former Tinkoff owner, who previously renounced his American citizenship in 2017, has said he "won't be associated with a fascist country".

"I have taken the decision to exit my Russian citizenship," said Tinkov on Instagram.

"I can't and won't be associated with a fascist country that started a war with their peaceful neighbour and killing innocent people daily,

"I hope more prominent Russian businessmen will follow me, so it weakens Putin's regime and his economy, and put him eventually to defeat."

An image was attached of a certificate showing he was ending his citizenship saying he "hated Putin's Russia".

Tinkov remains a citizen of Cyprus.

Tinkov previously owned a professional cycling team until 2016 ©Getty Images
Tinkov previously owned a professional cycling team until 2016 ©Getty Images

He is the founder of Tinkoff Bank, one of the largest in Russia.

The 54-year-old previously called the invasion of Ukraine an "insane war".

Tinkov was also one of the Russian oligarchs targeted by sanctions in the United Kingdom in response to the war.

He was arrested in 2020 in London on tax evasion charges in the United States, but was later released on bail and treated for leukaemia.

In 2020, he resigned as chief executive of Tinkoff Bank.

The Tinkoff cycling team disbanded in 2016.