TotalEnergies to Stop Buying Oil, Fuel Products from Russia

French oil major TotalEnergies came under strong criticism after it condemned what it called Moscow’s military aggression in Ukraine, but stopped short of joining rivals Shell and BP in planning to exit positions in resource-rich Russia.

Geert De Clercq and Shadia Nasralla, Reuters

French oil major TotalEnergies said on March 22 it would not renew its Russian gasoil and crude oil supply contracts for its German refinery, but would source gasoil from Saudi Arabia and crude via Poland instead.

The firm, with stakes in several Russian projects, has come under criticism after it stopped short of joining rivals Shell Plc and BP Plc in planning to divest oil and gas assets in Russia.

European sanctions and Russian laws controlling foreign investment prevent TotalEnergies from finding a non-Russian buyer for its assets, it said. “Abandoning these interests without consideration would enrich Russian investors, in contradiction with the sanctions’ purpose.”

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