After the Minister of Economy statements, TotalEnergies announced that it “does not bring [AIT] more capital to new projects in Russia”, but it does not withdraw the projects in which it is currently invested.
Le Monde with AFP
While France – and all the West – multiplies efforts to isolate Russia, there is now a “problem of principle to work with any political or economic personality close to Russian power,” said Tuesday 1 sup> Er March, the Minister of the Economy, Bruno the Mayor, about the activity of French companies Totalnergies and Engie in Russia.
Concerning TotalEnergies, the minister assured about FranceInfo that “decisions” would be taken “in the coming days” with the group. In the wake of his interview, the energy giant of energy said that it “does not bring [AIT] more capital to new projects in Russia”, but it does not withdraw projects in which he is currently invested.
The group said “approve the extent and strength of sanctions put in place by Europe and will implement them regardless of the consequences [under evaluation] on the management of its assets in Russia” . TotalEnergies “Condemns the military aggression” of Russia and announces “to mobilize to provide fuel to the Ukrainian authorities and assistance to Ukrainian refugees in Europe”.
Shell and BP already disengaged from Russia
Other oil majors, such as the British Shell and BP, had already announced withdrawing from their projects in Russia. Monday, Shell announced that they separated from its units in several common projects with the Russian Gazprom giant in Russia, followed suit to its compatriot BP, which had announced on Sunday to disengage from the Russian Giant Semi-Public Rosneft, of which He holds 19.75%. Before the announcement of the group, the Mayor had assured that his president, Patrick Pouyanné, “a sharp awareness of the gravity of the situation”.
In addition, with regard to ENGIE, a partner of the Nordstream pipeline 2, whose commissioning was suspended by Germany, the minister felt that the subject was “a little different” because the French group has converted its participation in the project in a “loan”. After the statement of the Mayor, the Group’s action was losing more than 4%, Tuesday. The Title ENGIE lost accurately 4.19%, at € 13.67, at 9:40 am, after having lost up to 5%, while Totalnergies returned from 0.67% to 45.27 euros.
Since the beginning of the Russian offensive in Ukraine, the pressure rises on the major Oil and gas groups present in Russia, while the country draws the majority of its income from the exploitation of its energy resources.