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France’s Total stops new investments in Russia

Total

Paris, (Business News Report)|| The French company, Total Energy, announced the suspension of its investments in Russia, due to the Russian-Ukrainian war.

France’s Total said that it will stop allocating capital to new projects in Russia, against the background of the invasion of Ukraine.

The French company confirmed that it would maintain its existing projects.

“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 group wrote.

It also condemned the Russian military aggression, and indicated that it was moving to deliver fuel to the Ukrainian authorities and to help Ukrainian refugees in Europe.

The group generates 3 to 5% of its total revenue in Russia, according to its chairman, Patrick Pouyanne, a few days ago.

Total Energy owns 19.4% of the shares of the Russian gas giant Novatek and contributes 20% to the capital of Yamal, a project that was launched at the end of 2017 and produced more than 18 million tons of liquefied natural gas in 2020.

The company also owns a 10% stake in the Arctic LNG 2 project, from which the first shipment of liquefied natural gas is scheduled to come out in 2023.

It participates by 10% in another liquefied natural gas project in the north of the country, which will start producing in 2023 as well.

Support from Canada

Canadian Prime Minister Justin Trudeau said Canada would provide Ukraine with anti-tank weapons and upgraded ammunition to support its resistance to the Russian invasion, and would ban imports of crude oil from Russia.

“Canada will continue to deliver support for Ukraine’s heroic defence against the Russian military,” Trudeau said. “It is increasingly clear that President Putin has made a grave miscalculation… Our message is clear: this unnecessary war must stop now. The costs will only grow steeper and those responsible will be held accountable.”

Canada has already sent weapons and non-lethal support to Ukraine, and has backed a number of sanctions, including backing Russia’s ban on the SWIFT system for international bank payments.

“We are providing more lethal support to Ukraine, we will send 100 Carl Gustaf anti-tank weapon systems and 2,000 missiles, and we will work to deliver them as soon as possible,” Defense Minister Anita Anand said.

Canadian statistics show that the country imported about $289 million ($228 million) worth of Russian energy products in 2021.

A government source said that the Russian oil ban applies only to crude oil for now, but the government is looking into oil derivatives products after that.

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