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TotalEnergies walks away from stake in Russian gas producer

KEYT

PARIS (AP) — French energy giant TotalEnergies says it will walk away from its stake in Russian natural gas producer Novatek and take a $3.7 billion loss. The company has come under criticism for pursuing some of its activities in Russia amid the war in Ukraine. TotalEnergies said Friday it will no longer account for its 19.4% ownership interest in Novatek. It said that in line with its “principles of conduct” published on March 22, it “has gradually started to withdraw from its Russian assets while ensuring that it continues to supply gas to Europe.” Environmental group Greenpeace France says the announcement comes “very late” and denounced TotalEnergies’ continuing operations in Russia.

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