Total energy giant to stop buying Russian oil
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French energy company Total announces it will stop Russian oil purchases by the end of 2022.
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Russia represented 17% of Total's oil and gas production in 2020
TotalEnergies said on Tuesday it has made the decision to stop all purchases of Russian petroleum products by the end of the year at the latest.
The energy giant released a statement saying it will "gradually suspend its activities in Russia" amid the latter's operation in Ukraine and highlighting "the existence of alternative sources for supplying Europe" with oil.
Total declared it will ensure its compliance with "current and future European sanctions," no matter the consequences "on the management of its assets in Russia."
TotalEnergies was a heavy investor in Russia's petroleum sector, with it holding an almost 20% stake in Russian natural gas producer Novatek. Russia also represented 17% of the company's oil and gas production in 2020.
Read more: Canceling Russian reserves boomerangs to a new international monetary system
The energy conglomerate said it will continue to supply Europe with LNG from the Yamal plant, in which it holds a 20% stake, "as long as Europe's governments consider that Russian gas is necessary."
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