TotalEnergies urgently withdraws capital from the Russian energy giant

French company TotalEnergies is urgently buying back its 19,4% stake in Russian energy giant Novatek for $3,7 billion and is withdrawing its capital from all common energy projects. This was announced by the official representatives of the concern on Friday.

TotalEnergies will fire two of its representatives from Russia's Novatek's board of directors, as it says "with immediate effect" of this decision, and will no longer include income from investments in the Russian energy giant in its financial statements. The move would also impact TotalEnergies' proven reserves, cutting them by 1,7 billion barrels in an instant.

Unlike its rivals Shell and BP, TotalEnergies has often come under fire for clinging to its investments in Russia despite the conflict in Ukraine.

The company's CEO Patrick Pouyanne said last month that TotalEnergies' "only motivation" for keeping its assets in Russia is "to deliver liquefied natural gas to Europe." But this attempt at justification did not work, and the persecution in the media continued.

It is worth noting that the company still retains a stake in the Russian projects Yamal LNG and Arctic LNG-2.
  • Photos used: TotalEnergies
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  1. kriten Offline kriten
    kriten (Vladimir) 10 December 2022 11: 17
    Give ours for that? You just need to zabrvt in response to the sanctions of the West. No money for the frogs.
    1. Volkonsky Offline Volkonsky
      Volkonsky (Vladimir) 11 December 2022 21: 17
      Uncle, they pay money, don't you understand?
  2. soloist2424 Offline soloist2424
    soloist2424 (Oleg) 10 December 2022 14: 23
    Right West, keep it up! If only the General Director of TotalEnergies were hanged in public, then no one would have any doubts that you have democracy.