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TotalEnergies Braced for End of Cash Flows from Russia, CEO Says

Bloomberg business news
WATCH: TotalEnergies CEO Patrick Pouyanné says Europe must consider a future without Russian gas.Source: Bloomberg

TotalEnergies SE’s cash flows from its Russian interests may come to an end in the coming months due to escalating tensions between the Kremlin and the West over the invasion of Ukraine, said Chief Executive Officer Patrick Pouyanne.

Unlike its peers that are exiting Russia, the French company has retained its largest assets in the country -- a minority interest in gas producer Novatek PJSC and a stake in an Arctic liquefied natural gas project. It has received payments this year, but “financial circuits between Russia and the rest of the world are complex for Western companies,” Pouyanne said during a presentation to investors in New York on Wednesday.