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

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

Tinkov, whose businesses including Tinkoff Bank are held by his investment company TCS Group, was arrested in London in February 2020 in connection with the indictment, and released on bail as he was fighting acute leukaemia.

His sentencing hearing is scheduled for Oct. 29.

Russia’s RBC media outlet, citing his representative, said Tinkov will not reduce his stake in TCS Group to pay off the fine. The businessman and his bank have not responded to requests for comments.