Another oil major cuts investments in Russia

TotalEnergies became the latest major oil company to cut back on investments in Russia over that country’s invasion of Ukraine.

But unlike BP, Shell and Equinor, France’s TotalEnergies will not pull out of existing investments in Russia. While condemning Russia’s military aggression against Ukraine, TotalEnergies said it would no longer provide capital for new projects in Russia.

TotalEnergies controls 19.4% of Novatek, a Russian natural gas company.

Earlier, British oil company BP said it would give up its 19.75% stake in Russian oil company Rosneft and that BP CEO Bernard Looney would resign from that company’s board. Shell announced that it would end its partnerships with Russia’s Gazprom. That partnership includes a stake in the Sakhalin-II liquefied natural gas facility. Shell also said it would end its involvement in the Nord Stream 2 pipeline.

Likewise, Norwegian energy firm Equinor said it would divest from its joint ventures in Russia.

“In the current situation, we regard our position as untenable,” Equinor Chief Executive Anders Opedal said in a statement. “We will now stop new investments into our Russian business, and we will start the process of exiting our joint ventures in a manner that is consistent with our values.”

TotalEnergies said it is mobilized to provide fuel to the Ukrainian authorities and aid to Ukrainian refugees in Europe.

“TotalEnergies supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences (currently being assessed) on its activities in Russia,” the company said in a news release.