PARIS (AP) – French energy giant TotalEnergies said on Tuesday it has decided to halt all its purchases of Russian oil and petroleum 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 worsening situation in Ukraine.
It stressed “the existence of alternative sources for supplying Europe” with oil.
TotalEnergies’ announcement comes almost a month after Russia’s invasion of Ukraine on February 24 – in contrast with other oil giants like ExxonMobil, BP and Shell whose exits were more rapid and dramatic.
TotalEnergies committed to ensure “strict compliance with current and future European sanctions, no matter what the consequences on the management of its assets in Russia”.
Russia represented 17 per cent of the company’s oil and gas production in 2020.
TotalEnergies holds a 19.4 per cent stake in Russia’s natural gas producer Novatek.
It also has a 20 per cent stake in the Yamal LNG project in northern Russia. The group said it continues to supply Europe with liquefied natural gas from the Yamal LNG plant “as long as Europe’s governments consider that Russian gas is necessary”.
TotalEnergies has also decided to put on hold its business developments for batteries and lubricants in Russia. It will provide no further capital for the development of projects in Russia, the statement said.
The group said it will terminate its Russian oil supplies to the Leuna refinery in eastern Germany by the end of the year, and import oil via Poland instead.