TotalEnergies has completed the transfer of its 10% interest in Russia's Arctic LNG 2 project to NordLine, a subsidiary of Russian gas producer Novatek, and is no longer a shareholder in the project.
The transfer follows TotalEnergies' announcement of its second-quarter 2026 results, when it said the transaction with NordLine was being completed.
As part of the transfer agreement, TotalEnergies retains the right to be reimbursed by Arctic LNG 2 for its share of loans provided by shareholders to the project, amounting to about $1.3 billion. Any repayment will be subject to applicable sanctions.
Arctic LNG 2 is majority-owned by Novatek and is subject to Western sanctions following Russia's invasion of Ukraine. The project was designed to eventually produce 19.8 million metric tons of LNG per year.
Sanctions have clouded the project's prospects and complicated efforts to sell LNG produced by the facility.
TotalEnergies had maintained interests in Russian LNG plants following the imposition of Western sanctions but has considered selling its remaining Russian stakes due to sanctions preventing companies from importing the gas.