EU sanctions deprive Mr Mordashov of access to the shares he holds in TUI
No impact on the company, customers and employees
The aim of the EU sanctions is to prevent Mr Mordashov from disposing of his shares in TUI AG. This is to prevent Mr Mordashov from realising any proceeds or profits from his investment in TUI.
In this context, Mr Mordashov is also resigning from TUI’s Supervisory Board with immediate effect. He formally declared the resignation of his mandate to the company today (2 March).
As a result of the war in Ukraine triggered by Russia, the European Union issued new sanctions on 28 February 2022, which additionally include further representatives of the Russian economy. Among them is Mr Mordashov. He has been a shareholder in TUI AG for around 15 years and currently holds around one third (34%) of the share capital. Two-thirds of the shareholders (66%) are private and institutional investors and come from Germany, the EU, the UK and the US.
The EU sanctions relate to Mr Mordashov as a person, not to TUI AG, in which he is a shareholder. In this respect, these sanctions against the shareholder have no impact on the company in which he holds shares. The operative business of TUI AG is managed by the Executive Board, as is the case with any German public limited company.