Total has started to pull out of its Russian business. It will stop buying oil, strengthening the private-sector boycott of Moscow's crude and putting pressure on governments to take tougher measures, writes pierrebri
TotalEnergies, the French oil and gas group, said on March 22 that it had “initiated the gradual suspension of its activities in Russia”, and that it would “halt all its purchases of Russian oil and petroleum products as soon as possible and by the end of 2022 at the latest.”
Total added, however, that it would keep selling liquefied natural gas from its Arctic project “as long as Europe’s governments consider that Russian gas is necessary.” Total said that abandoning its stake in several Russian energy companies would only help “enrich Russian investors”, as foreign buyers would be hard to find.
The French group had been recently criticised by non-governmental organisations and some investors for keeping silent on the fate of its 19% holding in Novatek, a Russian group controlled by two oligarchs close to Vladimir Putin. One of them, Gennady Timchenko, resigned earlier this week from the Novatek board after being hit by U.S. and European Union sanctions.FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at an electric car charging station and petrol station at the financial and business district of La Defense in Courbevoie near Paris, France, June 22, 2021.
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