TUI CEO Assures Staff on Resilience If Russian Savior Sanctioned
(Bloomberg) -- TUI AG won't suffer “any lasting negative consequences” if countries sanctioned Alexey Mordashov, the Russian billionaire who bailed out the German travel giant when the coronavirus punctured a boom in global travel.
Chief Executive Officer Fritz Joussen made the assurance to staff on Monday, according to a letter seen by Bloomberg News. Mordashov, 56, who made his fortune in the steelmaking business, owns over a third of TUI's stock after pumping cash into the world's largest tour operator.
European Union officials are considering sanctioning Mordashov alongside other tycoons with ties to Russian President Vladimir Putin following the invasion of Ukraine, according to documents. The move would build on measures against 23 high-ranking individuals agreed last week that included banking executives, military chiefs, media figures and a top Kremlin official.
Read More: EU Proposes Sanctions on Some of Russia's Wealthiest Tycoons
TUI was hit hard in 2020 after the coronavirus all but froze European travel, forcing the company to seek state bailouts and emergency loans from creditors, with Mordashov taking part in its capital raises.
Mordashov is the largest shareholder of Severstal PAO, Russia's fourth-biggest steelmaker, and has a fortune of over $25 billion, according to Bloomberg's Billionaire Index.
©2022 Bloomberg L.P.
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