Revolut boss Storonsky renounces Russian citizenship, following Putin's invasion of Ukraine

Nik Storonsky, the CEO and co-founder of Revolut, has renounced his Russian citizenship following Russia's invasion of Ukraine.

Storonsky, who was born in Ukraine but spent time in Russia growing up, previously held both British and Russian passports but  has renounced his Russian citizenship, in news first reported by The Telegraph.

The move comes as Storonsky’s father Nikolay Storonsky senior was sanctioned earlier this month by the Ukrainian government for working as director-general of Gazprom Promgaz, the engineering and research arm of the Russian state energy firm.

Storonsky senior was included in a fresh list of sanctions in Ukraine on October 19 that was put forward by the country’s National Security and Defence Council (NSDC) and signed off by president Zelensky.

The NSDC said Storonsky senior “is responsible for the material and financial support of actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine”.

The sanctions mean that Storonsky senior’s Ukraine assets will be frozen and he would be banned from entering Ukraine, the country of his birth.

The move by the Revolut co-founder also comes as Revolut, which now has more than 20m customers, awaits a decision on its application for a UK banking licence, a licence it is keen to attain to help attain further funding and enhance its reputation in the market.

Storonsky has previously voiced his disapproval of Russia’s invasion of Ukraine calling it “abhorrent” while offering Revolut employees in Ukraine and Russia relocation support as well as support for the people of Ukraine.

A spokesman for Revolut said: “Nik is a British citizen. Earlier this year, he renounced his citizenship by birth to Russia. His position on the war [in Ukraine] is on the public record: the war is totally abhorrent and he remains resolute in calling for an end to the fighting.”