French energy giant TotalEnergies said on Tuesday it had decided to halt all purchases of Russian oil and oil products by the end of the year at the latest.
The French company said in a statement that it will “gradually suspend its activities in Russia” amid the crisis worsening situation in Ukraine.
He stressed the “existence of alternative sources to supply Europe” with oil.
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In its statement, Total pledged to ensure “strict compliance with current and future European sanctions, regardless of the consequences for the management of its assets in Russia.”
Russia accounted for 17% of the company’s oil and gas production in 2020. In addition, TotalEnergies has a 19.4% stake in Russia’s natural gas producer Novatek.
The French conglomerate also has a 20% stake in the Yamal LNG project in northern Russia. Total said it continues to supply liquefied natural gas from the Yamal LNG plant in Europe “as long as European governments consider Russian gas necessary”.
“Contrary to oil, it is clear that Europe’s gas logistics capabilities make it difficult to refrain from importing Russian gas in the next two to three years without affecting the continent’s energy supply,” the statement said.
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