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The US sanctions on Russia hurt Putin's wealthy allies.

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Russia's President Vladimir Putin (L) and Severstal Board Chairman Alexei Mordashov during a 2018 meeting in Moscow.
Russia's President Vladimir Putin (L) and Severstal Board Chairman Alexei Mordashov during a 2018 meeting in Moscow.Alexei DruzhininTASS via Getty Images
  • Mordashov gave control of his stake in the company to his wife.

  • Mordashov stepped down from the board of the travel firm on Tuesday.

  • The European Union put Mordashov on a sanctions list.

According to a report, the richest man in Russia, Alexei Mordashov, has transferred control of a $1.1 billion stake in a mining company to his wife.

According to UK filings this week, Marina Aleksandrovna Mordashova became a person with significant control of the company.

Mordashova now holds between 50% and 75% of the voting rights in the company, which was planning an initial public offering last year.

The richest person in Russia, Mordashov, stepped down as a director on Tuesday. He now holds up to half of the shares.

Russian President Putin ordered an invasion of Ukraine on February 24. The US, UK and EU governments have implemented sanctions against Russia.

Some of the Russian super-elite have begun to dispose of their assets in the face of sanctions, or have moved their assets to regions where they can't be seized.

It is not clear if Mordashov's shift in control of Nordgold was triggered by the response to Russia's invasion of Ukraine or not.

According to a press release issued by the company, the billionaire resigned from the board of the travel firm because of EU sanctions.

According to its website, the company has mining operations in West Africa, Russia and Kazakhstan. A spokesman for Mordashov declined to comment.

Mordashov has protested the sanctions levied against him and other Russian billionaires.

I have nothing to do with the current tensions. He said in a statement on Tuesday that he didn't understand why sanctions had been imposed against us.

The original article is on Business Insider.

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