French energy company TotalEnergies said Thursday that it has completed its exit from a Russian gas project sanctioned in the West.
CEO Patrick Pouyanne had announced in July a plan to transfer the company's 10% stake in the Arctic LNG 2 liquefied natural gas project to the majority shareholder, Novatek.
The firm had already taken a $4.1 billion write-down of its stake in the project in 2022 following the full-scale invasion of Ukraine.
"TotalEnergies confirms that the transfer of its 10% interest in Arctic LNG 2 to NordLine [a Novatek subsidiary] has been completed. TotalEnergies is therefore no longer a shareholder," the company said in a statement.
It added that it still had the right to reimbursement of $1.3 billion in loans it provided to the project with other shareholders, while indicating that repayment was unlikely for now.
