TotalEnergies will no longer provide capital for new projects in Russia

By Nuran Erkul Kaya

ISTANBUL (AA) - TotalEnergies will no longer provide capital for new projects in Russia and will implement sanctions that are currently being assessed, the company said in a statement Tuesday.

After announcements from bp, Shell and Equinor on their exiting plans from joint ventures and projects in Russia, TotalEnergies joined the club but has not decided on its position on existing projects and joint ventures.

TotalEnergies has a 19.4% share in Russia's Novatek, the country’s biggest independent natural gas company, and a 20% share in the Yamal liquefied natural gas (LNG) facility together with other joint ventures.

"TotalEnergies condemns Russia's military aggression against Ukraine, which has tragic consequences for the population and threatens Europe. TotalEnergies expresses its solidarity with the Ukrainian people who are suffering the consequences and with the Russian people who will also suffer the consequences," the company said in the statement.

It also read that the company “supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences - currently being assessed - on its activities in Russia."