Saudi Press

Saudi Arabia and the world
Wednesday, Sep 03, 2025

Russian businessman and billionaire, owner of Severstal Alexei Mordashov

A Russian oligarch moved $1.3 billion worth of shares to BVI the day he was sanctioned, filings suggest

A company controlled by Russian steel tycoon Alexei Mordashov offloaded a 29.9% stake in TUI, the world's largest tour operator, on February 28.
On February 28, a firm controlled by Alexei Mordashov, one of Russia's richest businessman, sold a 29.9% stake in TUI, the world's largest tour operator, to a company in the British Virgin Islands, the filings show.

The company that bought Mordashov's TUI shares, Ondero, is affiliated with the oligarch, according to Bloomberg.

The British Virgin Islands, a British overseas territory, doesn't charge corporate, capital gains, or wealth taxes.

Mordashov, a steel tycoon, is the second-richest person in Russia with a net worth of $22.3 billion, according to the Bloomberg Billionaires Index.

Before the share sale, Mordashov was TUI's top shareholder, with a stake of 34%, and had been a shareholder for around 15 years, according to a press release published by TUI shortly after he was sanctioned by the European Union. Mordashov resigned from TUI's board on March 2, the company said.

Mordashov held his stake in TUI via Cyprus-based Unifirm, a company that is in turn owned by firms controlled by Mordashov and his sons, according to Bloomberg.

A 29.9% stake in TUI was sold to Ondero on February 28, according to a TUI filing published March 5. Another 4.1% was sold to Russian investment firm Severgroup, according to a March 4 filing. Severgroup is owned by Mordashov.

TUI indicated to Insider it couldn't identify the shareholders of Ondero. "We would only know by receiving a voting rights notification of a controlling stakeholder," a TUI spokesperson told Insider.

"We can only attribute the Severgroup stake to Mr Mordashov," the TUI spokesperson said.

"This would mean that he does not have access to his shares and cannot derive any economical benefit from them," the spokesperson added.

Insider couldn't reach Mordashov or his representative for comment. His spokesperson earlier declined to comment to Bloomberg.

Mordashov ceased to have control of Unifirm on February 28, according to the March 5 filing by TUI.

Sweeping sanctions have hit Russia and some of its richest people since the country invaded Ukraine. Many of the restrictions target oligarchs, spurring them to shuffle their holdings in their businesses, including shifting shareholdings and assets around intricate webs of onshore and offshore companies. Such structures are often used by oligarchs to hide their wealth, complicating attempts to seize their assets.

Earlier this month, Mordashov shifted control of a $1.1 billion stake in a mining company to his wife.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
×