Tui will now hold 25% (down from 49%) of the business with the rest taken by partner SeverGroup.
“Given the ongoing challenging trading environment for tour operators located in the Russian and Ukrainian source markets these arrangements are prudent as we enter into the off-peak Winter period,” Tui said in a statement.
SeverGroup is wholly owned and controlled by Russian businessman, Alexey Mordashov, who also owns 13% of Tui.
Falling oil prices and conflict in Ukraine has brought greater uncertainty to the region.
Tui Group entered the Russian market in 2009 when the region was booming.
