TUI Group announces that shareholder Alexey Mordashov will immediately step down from the Supervisory Board of the Travel Group, after EU sanctions deprive it of access to its shares within the company. The travel company said in a statement that this has no further consequences for the company, customers and employees.

The purpose of the European Union sanctions is to prevent Mordashov from divesting his shares in TUI AG. In this way, the Russian can not realize any profit from his investment in the organization. In response, Mordashov resigns from the Supervisory Board of TUI with immediate effect. He has formally announced this within the company today.

As a result of the Russian-induced war in Ukraine, the European Union announced new sanctions earlier this week that also apply to representatives of the Russian economy. Including Mordashov, who has been a shareholder of TUI AG for about 15 years and owns about a third (34 percent) of the share capital. The remaining part is held by private and institutional investors from Germany and other EU countries, the UK and the US.

“The EU sanctions concern Mr Mordashov as a person and not TUI AG, of which he is a shareholder. In this regard, these sanctions against the shareholder do not affect the company. The operational activities of TUI AG are led by the Board of Directors, as is the case with every German limited liability company,” said TUI Group CEO Fritz Joussen.