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TotalEnergies announced the refusal to invest in new projects in Russia

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France’s TotalEnergies, one of the largest foreign investors in the Russian energy sector, will no longer provide funding for new projects in Russia, the company said in a statement.

As noted in the statement, TotalEnergies condemns the Russian operation in Ukraine .

TotalEnergies is ready to provide fuel to the Ukrainian authorities and help Ukrainian refugees in Europe.

TotalEnergies supports the scope and severity of sanctions imposed by Europe on Russia and will apply them regardless of the impact (currently assessed) on its activities in Russia.

“TotalEnergies will no longer provide capital for new projects in Russia,” the statement said.

As French Finance Minister Bruno Le Maire said in an interview with CNews, TotalEnergies discussed with the French government the issue of continuing its work in Russia in connection with the situation around Ukraine.

The French government has looked into the matter and TotalEnergies CEO Patrick Pouyanne “is fully aware of the seriousness of the situation,” he said. “It’s a matter of principle,” Le Maire said.

In addition, according to him, the French government discussed with Engie SA its ties with Russia, and in this case the situation is “a little different.”

Russia accounts for about 5% of TotalEnergies’ cash flow, Bloomberg notes. The French company owns just under 20% of NOVATEK’s shares, as well as a 20% stake in the Yamal LNG project (a natural gas liquefaction plant with a capacity of almost 20 million tons / year was built as part of the project), which is its JV with NOVATEK and Chinese investors. In addition, TotalEnergies owns 10% of the Arctic LNG 2 project (an LNG plant with a capacity of 20 million tons / year under construction) and 10% of the Arctic Perevalka company, which aims to build terminals for transshipment of liquefied natural gas (LNG) in Murmansk and in Kamchatka.

In addition, TotalEnergies owns 49% in the joint venture with NOVATEK – Terneftegaz, which develops a gas condensate field, and 20% in the Kharyaginskoye PSA project, which develops an oil field (operator is the state-owned Zarubezhneft). 208 TotalEnergies employees work in Russia.

Meanwhile, Engie is a financial partner of the Nord Stream 2 project, whose certification was suspended earlier this month by the German authorities.

Earlier, British BP Plc , Anglo-Dutch Shell Plc and Norwegian Equinor announced their withdrawal from Russia .

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