Tourism: What the sanctions against Mordashov mean for the Tui – economy

People want to travel, actually everything looks like a good restart for the company. But the sanctions against Russia put Germany’s largest tourism group in a difficult position.


Lea Hampel, Mauritius Much, Klaus Ott, Sonja Salzburger and Meike Schreiber

It is now in the port of Vladivostok: the yacht north, costing more than 500 million euros, with two helipads, pool, sauna and cinema. After all, the fate of this piece owned by the Russian oligarch Alexei Mordashov has now been clarified for the time being. The same can hardly be said about other parts of the wealthy Russian’s fortune. For around 15 years, Mordashov was considered the “stability anchor” of Tui, the largest German tourism group, with around 7,200 jobs in Germany and, according to its own statements, around 50,500 employees worldwide. That changed in early March. In the context of the sanctions, Mordashov gave up his seat on the supervisory board and sold most of his Tui shares to a company called “Ondero Limited”. In purely formal terms, almost 30 percent now belong to Tui Marina Mordashova. But how the group and its major shareholder will continue is an open question – and that after two years in which the Federal Republic of Germany supported the company with 4.3 billion euros in state aid and additional short-time work benefits.

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