The Russian billionaire Alexei Mordashov may have avoided a freeze on a £1bn shareholding in Tui, the world’s biggest tourism company, after selling most of his 34% stake to a British Virgin Islands company.
Russia’s richest man had become the single largest shareholder in Tui, which has dual stock market listings in Frankfurt and London, after stepping in to keep it afloat during the pandemic. He resigned from the Tui board on 2 March, two days after being blacklisted by the EU. The UK government imposed sanctions on him on Tuesday.
