Tui, Europe’s largest holiday company, has cancelled a deal allowing the Russian oligarch Alexei Mordashov to use its name after the billionaire was hit by EU sanctions in response to Russia’s invasion of Ukraine.
Tui Russia was established in 2009 as a joint venture with Mordashov’s Severgroup to expand the business in Russia and Ukraine. Mordashov had invested in Tui and joined its supervisory board but he was forced to resign last week after the sanctions were revealed.
