Revolut’s Nik Storonsky calls Russia’s invasion of Ukraine “abhorrent”

By Oliver Smith on Wednesday 2 March 2022

Digital Banking

Storonsky says the fintech will match its customers’ donations to the Red Cross Ukraine appeal.

Revolut’s Nik Storonsky calls Russia’s invasion of Ukraine “abhorrent”
Image source: Nik Storonsky/Revolut.

After hearing Revolut’s Ukrainian co-founder Vlad Yatsenko label Vladimir Putin a “brazen liar” in his outspoken comments last week, many wondered if the fintech’s Russia-born CEO and fellow co-founder shared his views.

Nik Storonsky yesterday clarified his position, cautioning that he “had to first consider the wellbeing of our colleagues in Russia” who are simply working hard to build Revolut, just like their colleagues in Ukraine and around the world.

“However I would like to make clear, publicly, what I’ve felt privately from day one: war is never the answer,” Storonsky wrote in a post on Revolut's blog titled 'A personal letter from our CEO'.

“This war is wrong and totally abhorrent. I am horrified and appalled at its impact, and I add my voice to those around the world calling for an immediate end to the fighting, and a commitment to diplomatic solutions.”

Storonsky emigrated to the UK when he was 20 years old and is now a British citizen, his father is also Ukrainian and a former engineering scientist for Promgaz, part of Russian gas conglomerate Gazprom.

As well as his opinion of the war—which Storonsky says “shouldn’t matter. Opinions are of little consequence”—the CEO also announced yesterday an increase in support for the Red Cross Ukraine appeal, which Revolut customers have already donated over £1m to.

As well as launching the Red Cross appeal in the Revolut app across 26 markets, including the UK, Lithuania, Ireland and Poland, Revolut for the next seven days will match customer donations up to £1.5m.

“I hope that our commitment will help the victims of this war. I sincerely hope that a diplomatic solution can be found quickly, allowing peace to be restored to the region.”

Storonsky’s post came yesterday less than 24 hours after Revolut waived transfer fees for Ukrainian banks, and announced that it had drafted in a global security partner to help protect and support its c.50 Ukrainian staff.

The fintech is also offering to pay for staff relocation should those in Ukraine wish to move to another country or somewhere else in Ukraine.

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