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The 19-year-old winger becomes the third signing of Pep Guardiola’s short reign at the Etihad, following the captures of Ilkay Gundogan and Nolito.
Zinchenko, who had also attracted interest from Borussia Dortmund and Roma, played in all three matches of Ukraine’s doomed European Championships campaign this summer.
The youngster played in all three of Ukraine’s matches at Euro 2016, coming on as a substitute against Germany and Northern Ireland, before starting against Poland.
Zinchenko scored twice in 26 appearances for Russian Premier League side FC Ufa last season, having joined the club on a free transfer from Shakhtar Donetsk in 2015.
The deal also includes the establishment of a ‘long-term cooperation’ between Ufa and City, as revealed on the Russian club’s official website.
Guardiola was officially unveiled as City’s new head coach on Sunday and told supporters that his main aims were to foster a “team spirit and to play good as much as possible”.