As a result of the war in Ukraine triggered by Russia, the European Union issued new sanctions on 28 February 2022, which additionally include further representatives of the Russian economy. Among them is Mr Mordashov. He has been a shareholder in TUI AG for around 15 years and currently holds around one third (34%) of the share capital. Two thirds of the shareholders (66%) are private and institutional investors and come from Germany, the EU, the UK and the US.
The EU sanctions relate to Mr Mordashov as a person, not to TUI AG, in which he is a shareholder. In this respect, these sanctions against the shareholder have no impact on the company in which he holds shares. The operative business of TUI AG is managed by the Executive Board, as is the case with any German public limited company.