Alexey Mordashov
Russian businessman; controlling shareholder of the steelmaker Severstal and head of the investment group Severgroup; under EU, UK and US sanctions since 2022
| Alexey Mordashov
| |
|---|---|
| Born | 26 9 1965 (age 61 years old (as of 2026)
) Cherepovets, Russia |
| Occupation | Businessman |
| Known for | Controlling shareholder of Severstal; chairman of Severgroup |
| Children | 7 (Forbes) |
| Education | Leningrad Institute of Economics; University of Northumbria (MBA) (Forbes) |
Alexey Mordashov (Template:Lang; born 1965) is a Russian businessman. He is the controlling shareholder of the steelmaker Severstal and heads the investment group Severgroup.[1][2][3] The European Union sanctioned him on 28 February 2022, after Russia's full-scale invasion of Ukraine. The United States followed on 2 June 2022, and the UK, Australia and New Zealand also designated him.[2][3] On 20 October 2026 the Forbes Real-Time Billionaires list ranked Alexey Mordashov & family 63rd in the world, with an estimated net worth of US$36.89 billion; Forbes lists the source of wealth as Steel, investments.[4][5] In the annual World's Billionaires list published in 2026, Forbes had ranked Alexey Mordashov 57th, at US$37 billion.[6]
Early life and education
The EU sanctions listing gives his date of birth as 26 September 1965 and his place of birth as Cherepovets, Russia.[2] Forbes says he grew up there, the son of workers at the steel mill that became Severstal. It says he studied at the Leningrad Institute of Economics and holds an MBA from the University of Northumbria.[4]
Severstal
According to Forbes, Mordashov became finance director of the Cherepovets steel mill. When the mill's director told him to buy shares to keep them away from an outsider, he kept most of them for himself. Forbes says he ran Severstal as chief executive for 19 years until resigning in 2015, and that Severstal sold its US steel plants in 2014 to concentrate on its Russian business.[4] At the St Petersburg International Economic Forum in June 2025, he told RBC that his biggest mistake had been buying foreign steel assets in the early 2000s, which he said had lost about US$7 billion.[7]
Severstal's investor-relations page shows him holding 77.03% of the company "through Russian structures", with 22.97% in free float, out of 837,718,660 ordinary shares.[1] Forbes says Severstal lost more than US$400 million in 2022 because of Western sanctions, citing Mordashov.[4]
Severgroup and other holdings
The EU describes him as chairman of Severstal and Severgroup. It says Severgroup is a shareholder of Bank Rossiya, in which he held about 5.4% in 2017, and has considerable stakes in National Media Group. It also says Severgroup owns Power Machines (JSC Power machines), which it accuses of selling four turbines to occupied Crimea.[2] The US State Department describes Severgroup as a multi-billion-dollar investment company with interests in metallurgy, engineering, tourism, banking, technology, media and finance.[3] Forbes reported that Power Machines was hit by US sanctions in 2018.[4]
TUI
Forbes reported that Mordashov owned 23% of the travel group TUI in 2018, almost 25% in 2019 and about 30% in 2021.[4] On 18 March 2022 TUI said that Ondero Limited was the majority shareholder of Unifirm Limited, which held 29.9% of TUI AG. According to a corrected notification, Marina Mordashova had been Ondero's controlling shareholder when the shares were transferred on 28 February 2022. On 4 March TUI had published that Alexey Mordashov had informed it of the ownership change. Germany's economy ministry opened an investigation into the transaction under the Foreign Trade and Payments Act, and until it concluded the transfer was provisionally invalid and Unifirm's voting rights were frozen.[8] Forbes says that when he was sanctioned in 2022 he immediately transferred ownership of key assets, including his TUI shares and the gold miner Nordgold.[4]
Sanctions
Council Implementing Regulation (EU) 2022/336 of 28 February 2022 added him to the EU's list. The EU said he benefits from links with Russian decision-makers, citing Severgroup's holdings in Bank Rossiya and National Media Group and the Power Machines turbine sale to Crimea. It concluded that he was responsible for supporting actions and policies that undermine Ukraine's territorial integrity, sovereignty and independence.[2] On 2 June 2022 the US State Department designated him together with his wife and two adult children. It also designated four of his companies: Severgroup, Severstal, the technology and media company Algoritm, and the gold miner Nord Gold. The department said the EU, Australia, New Zealand and the UK had already designated him.[3] OFAC's notice lists him under the Russia sanctions programme (Executive Order 14024).[9] Forbes reports that Italian police froze his yacht Lady M and a villa in Sardinia.[4]
Other roles
Forbes lists him as a council member of the Bolshoi Theatre.[4]
Wealth
Forbes lists him as "Alexey Mordashov & family" and gives steel and investments as the sources of the family's wealth.[4]
Wealth history
Forbes has included this entry in its annual World's Billionaires list in 24 of the editions from 2001 to 2026 checked for this profile, starting with 2003. The table gives the rank and estimated net worth in each annual list.[6][4]
| Year | World's Billionaires rank | Net worth (US$ bn) |
|---|---|---|
| 2003 | 348 | 1.2 |
| 2004 | 136 | 3.5 |
| 2005 | 107 | 4.8 |
| 2006 | 64 | 7.6 |
| 2007 | 54 | 11.2 |
| 2008 | 18 | 21.2 |
| 2009 | 122 | 4.3 |
| 2010 | 70 | 9.9 |
| 2011 | 29 | 18.5 |
| 2012 | 45 | 15.3 |
| 2013 | 73 | 12.8 |
| 2014 | 111 | 10.5 |
| 2015 | 89 | 13.0 |
| 2016 | 93 | 10.9 |
| 2017 | 51 | 17.5 |
| 2018 | 60 | 18.7 |
| 2019 | 48 | 20.5 |
| 2020 | 54 | 16.8 |
| 2021 | 51 | 29.1 |
| 2022 | 138 | 13.2 |
| 2023 | 79 | 20.9 |
| 2024 | 76 | 25.5 |
| 2025 | 63 | 28.6 |
| 2026 | 57 | 37.0 |
Philanthropy
No documented personal philanthropic programme was found in the sources checked, beyond his Bolshoi Theatre council role noted by Forbes.[4]
Political activity
No elected office or party role was found in the sources checked. The EU's sanctions listing says he benefits from links with Russian decision-makers.[2]
International and political links
This section uses the same ten headings for every profile in this series. Only specific, sourced actions are included; company-level and foundation-level actions are labelled as such. Where nothing was found, the entry reads "No documented involvement found in sources checked."
Israel (investments, operations, donations, contracts, statements)
No documented involvement found in sources checked.
Zionist or pro-Israel organisations and lobbying groups
No documented involvement found in sources checked.
Jewish communal charities
No documented involvement found in sources checked.
Gulf states
No documented involvement found in sources checked.
China
No documented involvement found in sources checked.
Russia
He controls Severstal and leads Severgroup. The EU says Severgroup holds stakes in Bank Rossiya and National Media Group, and owns Power Machines.[1][2] He has been sanctioned by the EU, the US, the UK, Australia and New Zealand since 2022.[2][3]
India
No documented involvement found in sources checked.
Palestinian or Arab causes
No documented involvement found in sources checked.
Home government
No documented involvement found in sources checked.
Other international links
In February 2022 he transferred TUI shares to an entity controlled by his wife. Germany then opened an investigation under its foreign trade law.[8] Italian authorities froze his yacht and a villa in Italy, according to Forbes.[4]
See also
External links
Notes
- ↑ 1.0 1.1 1.2 Северсталь (Severstal), Акционерный капитал (Share capital) Severstal (investor relations), accessed 20 October 2026, accessed 20 October 2026.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 Council of the European Union, Council Implementing Regulation (EU) 2022/336 of 28 February 2022 implementing Regulation (EU) No 269/2014 (entry 695) Official Journal of the European Union (EUR-Lex), 28 February 2022, accessed 20 October 2026.
- ↑ 3.0 3.1 3.2 3.3 3.4 U.S. Department of State, Targeting Russia’s Oligarchs and Vessels U.S. Department of State (2021–2025 archive), 2 June 2022, accessed 20 October 2026.
- ↑ 4.00 4.01 4.02 4.03 4.04 4.05 4.06 4.07 4.08 4.09 4.10 4.11 4.12 Forbes, Forbes profile record for Alexey Mordashov & family (Forbes data feed behind forbes.com/profile/alexey-mordashov/) Forbes, live record, read 20 October 2026, accessed 20 October 2026.
- ↑ Forbes, Forbes Real-Time Billionaires data feed Forbes, live; downloaded 20 October 2026 11:51 UTC, accessed 20 October 2026.
- ↑ 6.0 6.1 Forbes, Forbes World's Billionaires list data feed, annual editions 2001–2026 (one file per year at this path with the year substituted; all 26 files downloaded and read) Forbes, annual lists; downloaded 20 October 2026, accessed 20 October 2026.
- ↑ РБК (RBC), Мордашов рассказал об ошибке, которая обошлась ему в $7 млрд (Mordashov describes the mistake that cost him $7bn) РБК, 21 June 2025, accessed 20 October 2026.
- ↑ 8.0 8.1 TUI AG, TUI AG receives information about the owner of its shareholder Unifirm: Marina Mordashova named as controlling shareholder of Ondero Limited / Authority initiates investigation – voting rights of Unifirm Limited blocked TUI Group (investor news), 18 March 2022, accessed 20 October 2026.
- ↑ Office of Foreign Assets Control, Counter Narcotics Designations; Russia-related Designations and Update; Issuance of Russia-related General Licenses U.S. Department of the Treasury, 2 June 2022, accessed 20 October 2026.