TotalEnergies Starts Pullback From Russia With $4 Billion Charge
- New sanctions hinder company’s ability to complete LNG project
- French giant said it has ‘started turning a page’ in Russia
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TotalEnergies SE took a $4.1 billion writedown on its flagship Russian gas project and indicated that it may belatedly join its peers in pulling back from the country two months after the invasion of Ukraine.
The French energy giant initially refused to cut ties with Moscow, despite other oil majors including BP Plc and Exxon Mobil Corp. and Shell Plc announcing they would leave the country in protest at the Kremlin’s military aggression. Since then, new sanctions have cast doubt on the future of TotalEnergies’ flagship Russian project, Arctic LNG 2.