A Russian banking tycoon who was sanctioned on 24 March, has since spoken out against Vladimir Putin’s war and described it as “insane” and those who support it are “morons.”

Oleg Tinkov who is the founder of Tinkoff Bank and provides the largest amount of credit cards in Russia also said the war is a “massacre.”

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Putin has summoned business leaders to attend a meeting at the Kremlin on Wednesday, it is not known who will attend the meeting or if Tinkov will be there.

Tinkov wrote on Instagram, “I don’t see ANY beneficiary of this crazy war! Innocent people and soldiers are dying.” Tinkov said that Russian generals had “woken up with a hangover”, realising that their army was “s***”.

He added, “But how can the army be good, if everything else in the country is s*** and mired in nepotism, servility and grovelling?

“Of course, there are morons who draw Zs.

“[But] 90 percent of Russians are AGAINST this war.”

Tinkov has lost around £3.8bn in the past four weeks as share prices have plummeted since the war started almost two months ago.

Tinkov spoke of the impact of the global sanctions, he added, “Kremlin officials are shocked that neither they or their children will be off to the Mediterranean in the summer.

“Businessmen are trying to save the rest of their property.”

The Russian billionaire appealed to Western countries, he wrote, “Please give Mr Putin a clear exit to save his face and stop this massacre.

“Please be more rational and humanitarian.”

The British Foreign Secretary Lizz Truss said, “These oligarchs, businesses and hired thugs are complicit in the murder of innocent civilians and it is right that they pay the price.

“Putin should be under no illusions – we are united with our allies and will keep tightening the screw on the Russian economy to help ensure he fails in Ukraine.

“There will be no let-up.”