OTTAWA | Russia’s richest man has been spared the economic sanctions imposed by the federal government on those close to President Vladimir Putin, even though he has interests in several Canadian companies, including the aircraft manufacturer Sunwing.

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Alexei Mordashov sits on a personal fortune of US$29 billion (C$37 billion), according to the magazine’s 2021 list Forbes. He owns a Bombardier jet and yachts, including the Lady Mseized on the Italian coast on Saturday, after the European Union (EU) froze the assets of Kremlin allies.


The billionaire owns a bomber jet in the colors of the Russian flag.

Screenshot taken from JetPhotos website, Luba Ostrovskaya

The billionaire owns a bomber jet in the colors of the Russian flag.

“I have absolutely nothing to do with the current geopolitical tensions and I do not understand why the EU has imposed sanctions on me,” Mordashov reacted in a statement on Monday.

In the turmoil, the oligarch transferred control of his Nordgold mining company to his wife’s name and resigned as chairman of the board. He also left the board of the German tourism giant TUI Group, of which he owns 34%, and transferred his shares to a tax haven.


The yacht Lady M was seized by Italian authorities on Saturday.

Photo: AFP

The yacht Lady M was seized by Italian authorities on Saturday.

In Canada, Mordashov’s assets are spared for the time being since he is not on the list of some 500 Russian entities sanctioned by the Trudeau government since the start of the invasion of Ukraine.

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mining giant

A steel magnate, he made his fortune at the head of Russia’s largest steel company, Severstal.

Through his multiple investment companies, the billionaire stretches his tentacles around the globe, including in Quebec and Canada.

The former Canadian ambassador to Russia and Ukraine, an admirer of Putin, Christopher Westdal, was director until February 28 of one of Mordashov’s mining companies, Silver Bear Resources.

Quebecer Alain Bureau is the president of Atico Mining, which also belongs to Mordachov, and received a loan of US$2.5 million (CAD$3.16 million) from Export Development Canada in 2020.

Mordashov also owns part of Sunwing through TUI Group, which owns 49% of the Toronto airline.


The super yacht Nord owned by Alexei Mordashov is worth more than US$500 million (C$633 million).  It is in the Seychelles, in the Indian Ocean, where it escapes European sanctions.

Taken from TheYachtPhoto.com

The super yacht Nord owned by Alexei Mordashov is worth more than US$500 million (C$633 million). It is in the Seychelles, in the Indian Ocean, where it escapes European sanctions.

The first day of the invasion

The office of the Minister of Foreign Affairs, Mélanie Joly, keeps the door open to the possibility of sanctioning Mordashov. But his spokesman Jason Kung says the ministry has “assessed potential targets that would have the most impact on the Russian government.”

The billionaire is however close to power. He supported Vladimir Putin’s campaign in 2014, according to Washington, and has met officially with him at least nine times since 2015, including on the day the assault on Ukraine was launched, according to our compilation of statements. of the Kremlin.

THE RISE OF A TSAR

  • Alexei Mordashov was born in 1965 in Tcherepovet, 375 kilometers north of Moscow, to minor parents.
  • In 1988, he joined the Cherepovetskiy Metallurgical Plant, which he took over after the dismantling of the Soviet Union.
  • He became co-owner of the Russian bank Rossiya Bank in 2003.
  • In 2004, his company Severstal became the first Russian steel group to set up in the United States.
  • He bought the last independent Russian television, REN-TV, in 2005. He owns several pro-Russian channels.
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STRATEGIC ASSETS

  • Through a subsidiary of his company Severstal, Alexei Mordashov is involved in the Pistol Bay Gold project in Nunavut. The gold mine is located in the Arctic, on the western shore of Hudson Bay.
  • Thanks to his shares in TUI Group, the billionaire has interests in several links in the global supply chain.
  • In Canada, the group owns CP Navigation Limited, a Montreal-based container shipping company. He also owns shares in the aircraft manufacturer Sunwing.
  • Ekona Power, a Vancouver company is benefiting from funds from Mordachov to develop hydrogen production technology.

MORDACHOV’S MINING EMPIRE IN CANADA

  • North Gold
  • NorthQuest Ltd.
  • Orea Mining Corp.
  • High River Gold Mines Ltd.
  • High River Acquisition Corp.
  • Silver Bear Resources Inc.
  • Atico Mining Corporation
  • Pelangio Exploration Inc.




Reference-www.journaldemontreal.com

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