Most oil majors ended all activity in Russia following the country’s full-scale invasion of Ukraine in early 2022, but not TotalEnergies. The French energy giant has retained its stake in independent gas and LNG company Novatek and, until last week, held onto its shares in two of Novatek’s working Russian LNG export projects. Below, Energy Intelligence looks at the current state of play and short-term outlook for TotalEnergies’ remaining Russian LNG interests.
Sanctions Cloud TotalEnergies' Russian Strategy
TotalEnergies retains a 20% stake in operating Russian LNG export project Yamal LNG but is returning its 10% stake in Arctic LNG 2 to majority owner Novatek.
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