Germany is investigating $1.5 billion share deal with a company controlled by Marina Mordashova

Germany is investigating a $1.5 billion share transfer made by the Russian oligarch Alexei Mordashov on the day he was sanctioned over the Ukraine war.

Germany's economy ministry has "initiated an investigation procedure" regarding the "effectiveness" of the transaction in shares of TUI, the British-German travel company said Friday.

TUI indicated further that the shares were transferred to a company controlled by Marina Mordashova, who, according to multiple media outlets, is the wife of Mordashov.

TUI said it had been informed that the share transfer was deemed invalid until German officials had concluded their investigation.

TUI and the German economy ministry didn't immediately respond to Insider's requests for further information on the investigation.

Since Russia invaded Ukraine in late February, the West has imposed sweeping sanctions on Russia directed at hobbling its economy and putting pressure on Russian President Vladimir Putin to call off his invasion. The measures include sanctioning Russian elites and oligarchs and freezing their assets. Since the invasion started, some oligarchs have been shifting their assets from yachts and private jets to shareholdings.

Mordashov is tied for Russia's second-richest person, with a net worth of $21.7 billion, according to the Bloomberg Billionaires Index.

As of late February, Mordashov had a 34% stake in TUI, the largest tour operator, worth around $1.7 billion, according to Refinitiv data.

On February 28, the day he was hit by European Union sanctions, Mordashov shifted his TUI shares in two separate transactions. Two firms owned by Mordashov sold a 29.9% holding in TUI, held in the Cyprus holding company Unifirm, to Ondero Limited, which is also Unifirm's largest shareholder, TUI said. This stake was worth around $1.5 billion, Refinitiv data suggested.

TUI said Friday it was informed that Mordashova was the controlling shareholder of Ondero.

After he was hit by sanctions, TUI said: "The aim of the EU sanctions is to prevent Mr Mordashov from disposing of his shares in TUI. This is to prevent Mr Mordashov from realising any proceeds or profits from his investment in TUI."

TUI said it had been informed by the German authorities that until the conclusion of their investigation, the Ondero transaction should be deemed "pendingly invalid and the voting rights of Unifirm Limited may not be exercised."

Ondero is based in the British Virgin Islands, an offshore tax haven.

In a separate transaction on February 28, Unifirm sold a 4.1% stake in TUI to Severgroup, which is controlled by Mordashov and owns Severstal, a Russian steel and mining giant.

TUI said on March 2 that Mordashov was resigning from its board "with immediate effect." The Russian politician Vladimir Lukin resigned from the board the next day and told TUI he "had previously terminated his contractual relationship with Severgroup."

As well as shifting his TUI shares, Mordashov also transferred control of a $1.1 billion stake in the mining company Nordgold to Mordashova earlier this month. Mordashov stepped down as a director at the company, and Mordashova now holds between 50 and 75% of Nordgold's voting rights, filings showed.

The EU accused Mordashov of "supporting actions and policies which undermine the territorial integrity, sovereignty and independence of Ukraine" when it sanctioned him in February. Italy seized Mordashov's $116 million property in Sardinia under the sanctions on Friday.

"I have absolutely nothing to do with the emergence of the current geopolitical tension and I do not understand why the EU has imposed sanctions on me," Mordashov told the Russian news outlet TASS the day after the EU announced the sanctions.