Germany is investigating a sanctioned Russian oligarch's $1.5 billion share deal with a company apparently controlled by his wife

On the day that Russia was hit with sanctions over the Ukraine war, Russian billionaire Alexei Mordashov transferred a billion dollars in shares to Germany.

The British-German travel company said Friday that Germany's economy ministry has initiated an investigation procedure regarding the transaction in shares of them.

Multiple media outlets reported that the shares were transferred to a company controlled by Marina Mordashova, the wife of Mordashov.

The share transfer was deemed invalid until German officials finished their investigation.

Insider asked the German economy ministry for more information on the investigation.

The West has imposed sanctions on Russia in order to put pressure on Putin to call off his invasion of Ukraine. The measures include freezing the assets of Russian elites. Since the invasion started, some people have moved their assets from private jets to shareholdings.

Mordashov is the second-richest person in Russia with a net worth of $21.7 billion.

According to Refinitiv data, Mordashov had a 34% stake in the world's largest tour operator.

Mordashov shifted his shares in two separate transactions on the day European Union sanctions took effect. Two firms owned by Mordashov sold a 29.9% stake in the company to a Cyprus-based holding company. According to Refinitiv data, this stake was worth over a billion dollars.

The controlling shareholder of Ondero is Marina Mordashova.

The aim of the EU sanctions is to prevent Mr Mordashov from selling his shares in the company. This will prevent Mr Mordashov from making any money from his investment.

The voting rights of Unifirm may not be exercised until the German authorities conclude their investigation into the Ondero transaction.

The British Virgin Islands are an offshore tax haven.

On February 28, Unifirm sold a 4.1% stake in TUI to a company controlled by Mordashov, which is a Russian steel and mining giant.

On March 2, Mordashov resigned from the board with immediate effect, and the next day, Russian politician Vladimir Lukin resigned from the board.

Mordashov moved his shares in the company to Mordashova, as well as taking control of a large stake in the mining company. Mordashov stepped down as a director at the company, and Mordashova now holds between 50 and 75% of the voting rights.

The EU accused Mordashov of supporting actions and policies which undermine the territorial integrity, sovereignty and independence of Ukraine. Italy seized Mordashov's $116 million property in Sardinia.

The day after the EU announced the sanctions, Mordashov told the Russian news outlet that he didn't understand why they had imposed them.