Russian Billionaires Reshape Their Fortunes While They Can
NDTV
Ukraine War: On March 4, Italian police encircled a 215-foot, $580 million superyacht belonging to Russia's fourth-richest person, Alexey Mordashov, after the European Union sanctioned the billionaire.
In the dark of night on March 4, Italian police in the Ligurian port of Imperia encircled a 215-foot superyacht belonging to Russia's fourth-richest person, Alexey Mordashov.
The European Union had sanctioned the billionaire on Feb. 28, days after Russia's invasion of Ukraine. His extensive holdings in Europe -- including "Lady M," with its swimming pool and beauty salon -- were seemingly frozen by authorities.
Mordashov, however, had already made moves of his own.
The same day the steel tycoon was sanctioned, he shifted control of a roughly $1.1 billion stake in London-based mining company Nordgold to his wife, Marina Mordashova. He also moved a chunk of his $1.7 billion stake in holiday tour-business TUI AG from a Cyprus holding company to one incorporated in the British Virgin Islands.
