Travel giant TUI reassures staff over sanctions on Russian billionaire shareholder

Alexey Mordashov is also the largest shareholder of Severstal, Russia’s fourth-biggest steelmaker, and has a fortune of over €22bn

TUI was hit hard in 2020 after the coronavirus all but froze European travel.

European travel giant TUI won’t suffer “any lasting negative consequences” if countries sanctioned Alexey Mordashov, the Russian billionaire who bailed out the German firm 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.