TotalEnergies Completes Exit from Arctic LNG Project Amid Ongoing Sanctions

TotalEnergies has completed its exit from the Russian Arctic LNG project, following Western sanctions imposed after Russia's invasion of Ukraine.

The French energy giant transferred its 10% stake in the Arctic 2 liquefied natural gas project to Novatek, a majority shareholder, as previously announced by CEO Patrick Pouyanne in July. The firm had written down $4.1 billion in value from its stake in Arctic 2 last year.

TotalEnergies still holds the right to reimbursement of $1.3 billion in loans it provided with other shareholders, but acknowledges that repayment is unlikely due to ongoing sanctions.