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TUI terminates brand agreement with TUI Russia
TUI Group has ended all association with the company up until now trading as TUI Russia.
It has terminated the brand license agreement which allowed TUI Russia to use the TUI brand in Russia, Ukraine, Belarus, Kazakhstan and Uzbekistan.
TUI Russia was not a company of the TUI Group as the last shares in TUI Russia were sold by the Hanover Group in 2021.
“TUI condemns Russia’s attack and war against Ukraine. Our position is clear,” Fritz Joussen, CEO of TUI Group said.
“The TUI brand must no longer be used by TUI Russia for its business and the company’s presence.”
TUI’s shareholder structure has recently changed over sanctions imposed after the Russian invasion of Ukraine.
Chief investor Alexey Mordashov stepped down from the board last week after being sanctioned by the EU.
At the weekend Vladimir Lukin resigned from the supervisory board of TUI.
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