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TotalEnergies To Restrict Russian Investment

Charlie Brooks

Apr 01, 2022 10:21

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TotalEnergies, the French oil corporation, has criticized the invasion of Ukraine and said that it would refrain from investing in new projects in Russia as a result of this event.


The business, which owns more than 19 percent of Russia's natural gas giant Novatek, made the announcement in response to Vladimir Putin's invasion of Ukraine on Tuesday.


The corporation claims that the conflict is a disaster for Ukrainians and a menace to Europe.


However, although TotalEnergies indicated its intention to halt future investment, it did not go as far as counterparts BP and Shell. Following Russia's invasion of Ukraine last week, which drew harsh penalties from Europe and the US, some businesses have moved to rethink their operations in the nation.


BP and Shell are two of the largest companies that have announced significant moves away from the Russian market.


BP said this weekend that it was selling its interest in state-controlled oil company Rosneft, while Shell announced on Monday that it was exiting joint ventures with global natural gas powerhouse Gazprom.


TotalEnergies' action indicates that it intends to stay in the nation, although in collaboration with the EU and US governments.


The corporation pledged in its statement to support and enforce all measures imposed so far against Russia, "regardless of the impact" these penalties may have on its assets and operations in the nation.

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