Boomerang effect: sanctions against Putin and Russia also burden EU companies – Tui faces problems
Created: 06/13/2022, 15:16
By: Bedrettin Bölükbasi
In the Ukraine war, the West wants to defeat Putin and Russia with sanctions.
However, the measures introduced also affect European companies.
Munich — In the Ukraine conflict, the troops of Russian ruler Vladimir Putin are doing everything they can to take over the entire Donbass region.
This map shows where the Ukraine war is raging.
In order to support the Ukrainian military and stop the Russian advance, Western states are supplying weapons, but are also imposing sanctions on Russia.
The aim is to weaken the Russian economy to such an extent that the continuation of the invasion becomes impossible.
However, the sanctions do not only affect the Russian economy.
Oligarchs close to Putin, who are also the target of the measures, sometimes hold large shares in some European companies.
This puts a strain on the corporations and gets them into trouble.
Ukraine-News: Tui is under pressure because of the stake held by the Putin oligarch – the lawyer sees risks for the group
Companies in Germany are also affected.
So does the travel group Tui.
The sanctioned Russian oligarch Alexei Mordashov holds a full 30 percent of the shares in the company.
After the sanctions were announced, the oligarch transferred the Tui stake to his wife Marina Mordashova.
However, the Ministry of Economic Affairs is apparently currently examining whether Mordashov's wife is actually the shareholder.
In addition, Marina Mordashova was recently added to the US and EU sanctions lists.
In any case, the company downplayed the case.
"The sanctions or bans only have a direct impact on the shareholder and his investment, which he or she cannot dispose of,"
Business Insider
quoted the company as saying.
According to the lawyer and expert on sanction law Viktor Winkler, there are still risks for Tui.
"On the one hand, the shareholder may no longer dispose of their shares, so they cannot sell them at the moment," the lawyer told the
Süddeutsche Zeitung
.
In addition, Tui must review all internal activities, as nothing needs to be done that would give the sanctioned shareholder Mordashova an advantage.
If this is the case, there are penalties.
"So the whole thing is quite a tightrope walk for Tui," summarizes Winkler the situation for the travel group.
The Ukraine War in Pictures - Destruction, Resistance and Hope
View photo gallery
Ukraine News: Putin oligarch with Eurochem shares – Swiss company had to obtain confirmation
A similar, even more difficult situation was encountered by the Swiss-based fertilizer manufacturer Eurochem.
The sanctioned Russian oligarch Andrei Melnichenko holds a majority stake in the group.
After sanctions were imposed on him, he also transferred his share to his wife Aleksandra Melnichenko.
However, she was also sanctioned along with Marina Mordashova.
also read
German arms fiasco in Ukraine deliveries: Scholz apparently surprised everyone - with dire consequences
Urgent medical emergency for Putin?
"Nausea, weakness, dizziness" and a clear doctor's order
As a result of the sanctions against Melnichenko, Eurochem had to contend with significant problems in paying employees and interest on bonds, as major banks blocked the group's accounts, the
Neue Zürcher Zeitung
reported.
The problems could only be resolved with confirmation from the Swiss State Secretariat for Economic Affairs that the group itself was not sanctioned and an assurance from management that the sanctions would be fully complied with.
On the one hand, the sanctions against Russia undoubtedly also affect Western companies, but on the other hand, they seem to be having an effect.
The sanctions are likely to affect the tank supply of the Russian military.
(bb)
