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TotalEnergies exits Russian Arctic LNG project
French energy giant TotalEnergies said Thursday that it had completed its exit from a Russian gas project hit by Western sanctions following Russia’s invasion of Ukraine. Chief executive Patrick Pouyanne announced in July a plan to transfer its 10 percent stake in the Arctic 2 liquefied natural gas project to the majority shareholder Novatek. The… Source
GlobeSignal-AImedium certainty
- Why it matters
- The French company's full divestment marks the completion of a major Western withdrawal from Russian energy infrastructure, reducing foreign investment in a project already crippled by Western sanctions.
- Most affected
- TotalEnergies shareholders — Company shed Russian asset holdings under sanctions pressure.
Arctic 2 LNG project — Lost a 10 percent stakeholder and source of foreign technical expertise. - Likely next
- Whether other Western companies with remaining stakes in Russian energy projects announce similar exits or accelerate their own departures.
Also reported by: The Moscow Times
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