TotalEnergies to Stop Buying Russian Oil by End-2022; Won't Divest Russian Assets

   By Joshua Kirby 
 

TotalEnergies SE said Tuesday that it has decided to stop buying Russian oil and petroleum products by the end of the year, but that it won't sell off assets in the country following the Russian invasion of Ukraine at the end of last month.

The French oil-and-gas major said it will enter no new contracts to buy oil and petroleum products from Russian providers, nor renew existing ones, in order to halt all purchases as soon as possible, and by the end of 2022 at the latest.

It reiterated that it would provide no new capital for projects in Russia, and will ensure strict compliance with current and future European sanctions. The company plans gradually to suspend its Russia activities, while assuring the safety of its workforce there, it said.

The company won't, however, withdraw from assets held in the country, including minority stakes in a number of Russian energy operators.

"Abandoning these interests without consideration would enrich Russian investors, in contradiction with the sanctions' purpose," the company said. Big peers including BP and Shell have, conversely, said they will divest or withdraw from their Russian assets.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

March 22, 2022 13:56 ET (17:56 GMT)

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