Russian oligarch moved $1.3bn share stake from Cyprus to British Virgin Islands amid sanctions

Mark Battersby
clock • 2 min read

Russian oligarch Alexei Mordashov moved $1.3bn of shares in travel group TUI amid the global sanctions clampdown to a company in the British Virgin Islands, widely reported filings suggest. A company controlled by Mordashov sold the shares, in travel giant TUI, on February 28. Mordashov has been sanctioned by the European Union and the UK since Russia's invasion of Ukraine. The 29.9% stake in TUI, which has dual stock market listings in Frankfurt and London, was sold to Ondero, which is affiliated with the oligarch, according to Bloomberg. Mordashov, a steel tycoon, is the secon...

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