French energy giant TotalEnergies said on Tuesday it had decided to suspend all purchases of Russian oil and petroleum products by the end of the year.
The French company said in a statement that it would gradually suspend its activities in Russia.. He called for “the availability of alternative sources of oil for Europe”.
In his statement, Total “pledged to ensure strict compliance with current and future European sanctions, regardless of the impact on the management of its assets in Russia.”
Russia represented 17% of the company’s oil and gas production in 2020. In addition, TotalEnergies holds 19.4% stake in Russian natural gas company Novatek.
The French company, which reported revenue of about ً 190 billion and a profit of about ً 16 billion last year, also owns 20% of the Yamal LNG project in northern Russia. Total said it would continue to supply liquefied natural gas to Europe from the Yamal LNG plant “as long as European governments consider Russian gas necessary.”
“Unlike oil, Europe’s gas logistics capabilities make it difficult to avoid importing Russian gas in the next two to three years without affecting the continent’s energy supply,” the statement said.
The United States earlier this monthIn a move that targets the country’s vast energy sector, more than half of Russia’s annual revenue. But many European countries rely heavily on Russia for oil and gas, making it difficult for them to sharply reduce their imports without hurting their own economies.
Oleg Stenko, economic adviser to the Ukrainian president, recently wrote an article. op-ed He called on the world to condemn Russia’s “blood oil”, which provides Moscow with about ً 1 billion a day, and said that it was financing the war in Ukraine. doing. “Don’t buy anything from Russia,” he wrote.