Home > French oil giant TotalEnergies to limit its investment in Russia

French oil giant TotalEnergies to limit its investment in Russia

TotalEnergies announced its decision a day after Shell said it would exit joint projects with Gazprom.

French oil company TotalEnergies has condemned the invasion of Ukraine and said it won’t be investing in new projects in Russia due to this development.

The company, which holds a more than 19% stake in Russia’s natural gas giant Novatek, said this on Tuesday via a statement responding to Vladimir Putin’s invasion of Ukraine.

According to the company, the war is a catastrophe for Ukrainians and threatens Europe.

But while it announced its decision to stop further investments, TotalEnergies did not go as far as its peers BP and Shell. After Russian troops invaded Ukraine last week attracting tough sanctions from Europe and the US, several companies have looked to reassess their business ventures in the country.

BP and Shell are two of the biggest to announce major shifts, exiting the Russian market.

Last weekend, British giant BP said it was selling its stake in state-controlled oil firm Rosneft, and on Monday, Shell revealed it was pulling out of joint ventures with global natural gas behemoth Gazprom.

TotalEnergies’ move suggests it will remain in the country, although it plans to work alongside EU and US governments

In its statement, the company vowed to support and implement all the sanctions so far in place against Russia, doing so “regardless of the consequences” these may have on its investments and activities in the country.

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