PARIS — French energy giant TotalEnergies stated Friday that it will walk away from its stake in Russian natural gas manufacturer Novatek and take a $3.7 billion loss.
TotalEnergies, which hasactually come under criticism for pursuing some of its tasks in Russia amidst the war in Ukraine, stated Western sanctions avoid it from selling its 19.4% stake to the Russian business. It stated it was withdrawing its agents from the Novatek board, who haveactually been stayingaway from ballot since of sanctions, with “immediate result.”
As a result, TotalEnergies will no longer account for its ownership interest in Novatek, which will lead it “to record an problems of roughly $3.7 billion in the accounts for the 4th quarter of 2022,” the French business stated in a declaration.
In line with its “principles of perform” released on March 22, TotalEnergies “has slowly began to withdraw from its Russian possessions while makingsure that it continues to supply gas to Europe.”
It comes amidst an