A Russian oligarch moved $1.3 billion worth of shares to an offshore tax-haven the day he was sanctioned, filings suggest

The day after the war sanctions were imposed on Russia, a Russian billionaire moved his shares to an offshore tax haven, according to regulatory and corporate filings.

On February 28, a firm controlled by Alexei Mordashov, one of Russia's richest businessmen, sold a 29.9% stake in the world's largest tour operator to a company in the British Virgin Islands.

The company that bought Mordashov's shares is affiliated with him.

Corporate, capital gains, and wealth taxes are not charged by the British Virgin Islands.

The second richest person in Russia is Mordashov with a net worth of $22.3 billion.

According to a press release published by the company, Mordashov was the top shareholder with a 34% stake and had been a shareholder for 15 years. The company said that Mordashov resigned from the board on March 2.

Mordashov and his sons owned Unifirm, a Cyprus-based company that is in turn owned by firms controlled by Mordashov.

Ondero bought a 29.9% stake in the company on February 28, according to a filing published March 5. According to a March 4 filing, another 4.1% was sold to a Russian investment firm. Mordashov is the owner of the group.

The shareholders of Ondero would only be known by receiving a voting rights notification from the controlling stakeholder.

We can only attribute the stake to Mr Mordashov.

This would mean that he doesn't have access to his shares and can't derive any economical benefit from them.

Insider was unable to reach Mordashov or his representative. His spokesman wouldn't comment to Bloomberg.

On February 28, Mordashov ceased to have control of Unifirm.

Russia and some of its richest people have been hit by sanctions. Many of the restrictions target tycoons, spurring them to shuffle their holdings in their businesses, including shifting shareholdings and assets around intricate webs of offshore companies. Oligarchs use such structures to hide their wealth, complicating attempts to seize their assets.

Mordashov's wife took control of a $1.1 billion stake in a mining company.