Russia's richest man Alexei Mordashov transferred control of a $1.1 billion stake in a mining company to his wife, filing shows

• Russian billionaire Alexei Mordashov passed control of a $1.1 billion stake in Nordgold to his wife, per Bloomberg.
• Mordashov stepped down as director at Nordgold and from the board of travel firm TUI on Tuesday.

Alexei Mordashov, Russia's wealthiest oligarch and one of the individuals sanctioned this week by the European Union, has transferred control of a $1.1 billion stake in a mining company to his wife, Bloomberg first reported.

Marina Aleksandrovna Mordashova became "a person with significant control" of Nordgold on Monday, according to UK filings this week, included in Bloomberg's report.

The filings said that Mordashova now holds between 50% and 75% of the voting rights in Nordgold, which targeted a valuation of up to $5 billion last year when it was planning an initial public offering, per Reuters.

Mordashov, the richest person in Russia according to Forbes, stepped down as a director at Nordgold on Tuesday, per the filings. He now holds up to half of Nordgold's shares, the filings said.

Russian oligarchs have become targets for Western government sanctions after Russian President Vladimir Putin ordered an invasion of Ukraine February 24. The US, UK and EU governments are among those who have implemented a package of sanctions aimed at crippling Russia's economy.

Some of the Russian super-elite have started to dispose of their assets in the face of sanctions, or move assets such as superyachts to regions where they can't be seized.

Bloomberg reported that it's unclear whether Mordashov's shift in control of Nordgold was triggered by the response to Russia's invasion of Ukraine because the transfer would have been set in motion before Mordashov was sanctioned.

The billionaire resigned on Wednesday from the board of Germany-based travel firm TUI – which Mordashov rescued from bankruptcy during the coronavirus pandemic – because of EU sanctions, according to a press release issued by the company.

Nordgold – which has mining operations in West Africa, Kazakhstan and Russia, according to its website – didn't immediately respond to Insider's request for comment. Mordashov declined to comment to Bloomberg via a spokesperson.

Since Russia invaded Ukraine last week, Mordashov has protested not only the attack, but also the sanctions levied against him and other Russian billionaires.

"I have absolutely nothing to do with the current geopolitical tensions. I don't understand why sanctions have been imposed against us," he said in a statement on Tuesday reported by Forbes and Russian news agency TASS.