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The Guardian - UK

Business

Juliette Garside

UNBELIEVABLE: Totalenergies to gradually withdraw from russian investments - The Untold Story

TotalEnergies Novatek Total Russia United States Ukraine Oil British Petroleum United Kingdom European Union

A total petrol pump — Total has also written down the value of its 19.4% stake in Novatek, taking an impairment charge of $3.7bn (£3.1bn). Photograph: Joly Victor/ABACA/REX/Shutterstock

TotalEnergies, the world’s fifth-largest oil company, has finally bowed to international pressure after the invasion of Ukraine and announced that it intends to “gradually withdraw” from its Russian investments.

The French oil giant said on Friday, it would remove its two representatives from the board of Novatek, Russia’s dominant private gas exporter.

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