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The wealthy Russian Alexei Mordashov owns about a third of the company TUI, because he increased his interest during the corona crisis to keep the company afloat. Nevertheless, the travel group does not expect any lasting negative consequences for the company as a result of European sanctions against the major shareholder. Alexei Mordashov was previously also a commissioner of the company, but he has now relinquished that position. The sanctions do prevent the oligarch from selling his shares in TUI.

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According to the ANP, TUI will in any case remain a German company that will be led by its own board of directors. "We therefore assume that any restrictions or sanctions against Mr. Mordashov will not have any lasting negative consequences for us as a company," said chief executive Fritz Joussen, to which the company's spokesperson refers. In that statement, TUI also distances itself from any form of war violence. The tourism sector would benefit like no other from international understanding and peaceful exchanges across borders.

TUI was also active in Russia and Ukraine in the past, but that has not been the case for a while. The international travel group does employ Ukrainians through TUI Cruises. Joussen has indicated that his company takes care of the ship's crew from the country "intensively". With a view to the safety of holidaymakers, TUI is also making adjustments to, for example, flight routes and cruise destinations due to the war in Ukraine.

Mordashov

Mordashov has been a shareholder of TUI for about fifteen years. He made his fortune when in the early 90s, in his twenties, he took control of the steel company Severstal, which was still a state-owned company in Soviet times. According to the leading wealthy list of business magazine Forbes, the oligarch was the richest man in Russia last year with a wealth of more than 29 billion dollars. That is converted more than 26 billion euros. Earlier this week, Mordashov called the war in Ukraine a "tragedy between two brother nations". He hated the deaths on both sides and called for reconciliation before Forbes Russia. He also indicated that he did not understand why he had been placed on the sanctions list by the European Union.

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