By Alexander Miller, emerging market consultant – Eurasia Business News, March 22, 2022

French oil giant TotalEnergies, one of the largest foreign investors in Russia’s fuel and energy sector, has decided to abandon the purchase of Russian oil and petroleum products, as well as suspend its investments in the Arctic LNG 2 project.

« Given the deteriorating situation in Ukraine and the availability of alternative sources of supply in Europe, TotalEnergies has unilaterally decided not to conclude and extend contracts for the purchase of Russian oil and petroleum products in order to stop all purchases of Russian oil and petroleum products as soon as possible and at the latest by the end of 2022. ” the company said in a statement.

TotalEnergies has already announced that it has renounced since February 25, 2022 any trading operation on spot markets for Russian oil or petroleum products. This is also valid for spot trading operations on natural gas or Russian LNG.

In addition, the company has decided not to record the proven reserves of the Arctic LNG 2 project in its accounts and to abandon other investments in it.

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© Copyright 2022 – Alexander Miller, emerging markets consultant.