Russian oligarch Alexei Mordashov moved $1.3bn of shares in travel group TUI amid the global sanctions clampdown to a company in the British Virgin Islands, widely reported filings suggest.

A company controlled by Mordashov sold the shares, in travel giant TUI, on February 28.

Mordashov has been sanctioned by the European Union and the UK since Russia's invasion of Ukraine.

The 29.9% stake in TUI, which has dual stock market listings in Frankfurt and London, was sold to Ondero, which is affiliated with the oligarch, according to Bloomberg.

Mordashov, a steel tycoon, is the second-richest person in Russia with a net worth of $22.3bn, according to the Bloomberg Billionaires Index.

Before the share sale, Mordashov was TUI's top shareholder, with a stake of 34%, and had been a shareholder for around 15 years, according to a press release published by TUI shortly after he was sanctioned by the European Union. 

Mordashov resigned from TUI's board on 2 March, the company said.

Mordashov held his stake in TUI via Cyprus-based Unifirm, a company that is in turn owned by firms controlled by Mordashov and his sons, according to Bloomberg.

He was among the first oligarchs targeted, with the EU citing his investments in Rossiya bank, described as the "personal bank" of Russia's senior officials, and his stakes in television stations that had played a role in destabilising Ukraine through pro-Russia broadcasts.

Tui announced in a regulatory filing and press release that Mordashov had sold 29.9% of his Tui shareholding to Ondero Ltd, based in the British Virgin Islands. The shares are worth £1.1bn at today's prices. Tui said the remaining 4.1% had been sold to the businessman's Russian investment vehicle, Severgroup. Tui said the transfers had been made four days earlier, on 28 February - the day Modashov was named on the EU sanctions list.

Bloomberg reported last week that the Ondero stake remained "affiliated" with Mordashov. 

TUI's press release statement on 4 March entitled ‘CHANGE IN TUI'S SHAREHOLDER STRUCTURE' said:

"TUI has been informed through regulatory notifications that the ownership of its shareholder Unifirm Limited has changed and consequently the shareholder structure of the Group has changed. Accordingly, Unifirm Limited has sold a 4.13% stake in TUI AG to Severgroup LLC. 

"Severgroup would therefore now hold 4.13% of TUI AG. The shares would be attributed to Mr. Mordashov. Unifirm Limited's share in TUI AG would have decreased to 29.87%.

"In this context, Mr. Alexey Mordashov has notified that his subsidiaries KN-Holding LLC and Rayglow Limited have sold their shares held in Unifirm Limited to Ondero Limited. TUI AG has meanwhile also received a voting rights notification from Ondero Limited regarding a corresponding acquisition."