TUI Group’s Largest Shareholder Hit With European Union Sanctions
Photo Caption: Russian oligarch Alexey Mordashov, TUI Group's largest shareholder, as seen in 2013 when he was CEO of Severgroup. The European Union leveled economic sanctions against him for giving material support to Russian leaders who spearheaded the occupation of Crimea and the Ukraine invasion.
Skift Take
How will TUI Group respond to the European Union's sanctions against the tour operator's largest shareholder? The issue goes beyond any potential financial fallout and becomes one of corporate responsibility and the integrity of the TUI Group brand.
Ukraine Coverage
Skift’s reporters and editors are working to explain how the war on Ukraine is impacting travel. All of our stories about the subject are free for all readers.The Russian oligarch Alexey Mordashov, who owns 34 percent of TUI Group shares and is its largest shareholder, on Monday became subject to a series of European Union sanctions, including an asset freeze and travel ban.
Mordashov, who's based in Moscow and is a member of TUI Group's supervisory board, is chairman of Russia-based steelmaker Severgroup, which is a shareholder of Bank Rossiya. He has majority ownership of Severgroup and was its CEO for 19 years.
The European Council referred to him as Mordaschov. The world's largest tour operator, TUI Group, based in Germany with stock market listings in Germany and the UK, calls him Mordashov in financial documents.
In 2017, according to the European Council sanctions announcement, Mordashov had a 5.4 percent stake in the Bank Rossiya., "which is considered the personal bank of Senior Officials of the Russian Federation."
"Furthermore, Severgroup has considerable stakes i
