Russian businessman Vladimir Lukin has resigned from the board of holiday giant TUI in response to sanctions against his home country over its invasion of Ukraine.
Lukin has also terminated his relationship with Russia’s Severgroup, where he acted as special adviser to the chief executive.
He is a former Human Rights Commissioner of Russia and a ex-president of the Russian Paralympic Committee, and served as the Russian Ambassador to the US from 1992 to 1994.
His resignation follows the departure of compatriot billionaire Alexei Mordashov, who quit the board on Thursday after he was also hit by EU sanctions over Moscow’s invasion of Ukraine.
Mordashov, a major shareholder in Tui, had resigned “with immediate effect”, the German group said in a statement.
“The aim of the EU sanctions is to prevent Mr Mordashov from disposing of his shares in Tui” and “from realising any proceeds or profits from his investment”, the company said.
The EU on Monday added Mordashov to its list of individuals to be placed under sanctions due to their close ties with the Russian president, Vladimir Putin. Those affected have been hit by asset freezes and travel bans.
Mordashov, a metals magnate and one of Russia’s richest men, is the chairman of Severstal, one of Russia’s biggest steel producers. Severstal has stopped deliveries to the EU and is looking for new buyers.
