TotalEnergies Cuts Funding for New Projects in Russia

Tuesday, March 1, 2022

TotalEnergies condemned what it called Moscow's military aggression in Ukraine but stopped short of following rivals such as Shell and BP, which have said they will exit positions in resource-rich Russia.

The French oil major, which holds a 19.4% stake in Novatek, Russia's largest producer of liquefied natural gas, said it "will no longer provide capital for new projects in Russia".

"TotalEnergies supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences (currently being assessed) on its activities in Russia," it said in a statement.

Earlier, French Finance Minister Bruno Le Maire had said he would be holding discussions with the heads of TotalEnergies and energy company Engie ENGIE.PA about their business interests in Russia.

"I believe there is a question of principle in working with any political or financial person close to Russian power," Le Maire told France Info radio.

(Reporting by Sudip Kar-Gupta and Sarah Morland, Editing by Richard Lough and Louise Heavens)

Categories: Offshore Energy Russia Industry News Production War

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