TotalEnergies Stays Put in Russia, But No Capital for New Projects

The French oil major, which holds a 19.4% stake in Novatek, said it "will no longer provide capital for new projects in Russia."

Sarah Morland and Benjamin Mallet, Reuters

TotalEnergies condemned what it called Moscow's military aggression in Ukraine but stopped short on Tuesday of joining rivals Shell and BP in planning to exit positions in resource-rich Russia.

The French oil major, which holds a 19.4% stake in Novatek, Russia's largest producer of LNG, 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.

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