Russian billionaire Oleg Tinkov has agreed to pay $500 million to settle US charges of tax evasion, the US Justice Department said on Friday.

The banking tycoon will pay the back taxes and fine after pleading guilty on October 1 to felony charges of concealing more than $1 billion in assets to avoid paying taxes on them as he gave up his US citizenship in 2013.

According to Forbes, his Tinkov’s net worth $7.7 billion.

He is the founder of Tinkoff Credit Services, which became the popular online Tinkoff Bank, and owner of the professional Tinkoff Cycling Team.

The Justice Department said that the Russian-born Tinkov, 53, became a US citizen in 1996.

In 2013 he took Tinkoff Credit public on the London Stock Exchange, valuing his holding in it at more than $1.1 billion. Three days after the IPO, he sought to renounce his US citizenship at the US embassy in Moscow.

The citizenship renunciation process required him to declare his entire wealth and pay tax. However, Tinkov submitted documents saying he only had $300,000 in assets and concealed information on the rest to dodge taxes.

In a 2019 indictment the US Treasury said he owed around $249 million on his earnings.

In the settlement announced Friday, he had to pay more than double the amount to cover the interest and penalties on the original sum.

The Justice Department had sought his extradition from Britain last year to face the charges.

But Tinkov contested that on the grounds that he was undergoing treatment for acute myeloid leukemia as a result of which he was unable to travel.