French Total to write a loss of $3.7 billion on exit from Russian Novatek

French energy giant TotalEnergies announced it has recalled two members of Russia’s Novatek’s board of directors and sold its 19.4 percent stake in the company, posting a loss of about $3.7 billion in the fourth quarter.

TotalEnergies, unlike other energy giants BP and Shell, was exposed to the risk of international sanctions by continuing its investments in Russia after the Russian invasion of Ukraine.

‘IN LIGHT OF THE SANCTIONS…’

The company’s investments in Russia include the Yamal LNG and Arctic LNG liquefied natural gas (LNG) projects.

“In light of the sanctions imposed by Europe and in force since the beginning of the war, the two executives on the Novatek board of directors representing TotalEnergies will abstain from voting at future board meetings, especially on financial issues,” it said. the company in a statement. statement.

“Under these circumstances, the TotalEnergies board decided to immediately remove its representatives from the PAO Novatek board,” the statement read. (Reuters)