TotalEnergies Reaps $400M from Selling Russian LNG Amid EU Sanctions
TotalEnergies, the French oil major, earns approximately $400 million annually from selling liquefied natural gas (LNG) cargoes from Russia's Yamal LNG plant. According to TotalEnergies' CEO, this revenue is generated through two main activities: the direct sale of LNG and the collection of dividends on the company's stakes in Novatek and Yamal LNG.
The CEO noted that the contracts for these sales are linked to Brent oil prices, which have pushed to multi-year highs due to supply disruptions. As a result, the revenue from these activities can fluctuate significantly.
TotalEnergies has maintained its stakes in Russian LNG plants despite Moscow's invasion of Ukraine in 2022 and subsequent EU sanctions. However, the company deconsolidated its holdings in official reporting to comply with EU regulations.