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Bloomberg
TotalEnergies SE doesn’t plan to divest its Russian assets amid the war in Ukraine, as doing so would essentially mean handing them over to President Vladimir Putin’s regime, Chief Executive Officer Patrick Pouyanne said.
The French energy major said it will no longer sign or renew contracts to buy oil and petroleum products from Russia, with the aim to halt all purchases by the end of 2022 at the latest, and has begun “gradual suspension†of Russian operations, according to a statement.
The war in Ukraine has sent shockwaves through energy markets, pushing oil and natural gas prices higher and causing many buyers to shun Russian crude. Some of the world’s largest oil companies — including Shell Plc, BP Plc, and Exxon Mobil Corp — have pledged to exit Russia, reducing capital available for
investments.