Total Energies has announced it will no longer provide capital for new projects in Russia, following the country’s invasion of Ukraine.
The French energy giant condemned Moscow’s military aggression, however it stopped short of following rivals BP and Shell in exiting its stake in the country.
In the past two days, BP and Shell have both revealed they will exit their highly lucrative positions in Russia.
The group holds a 19.4 per cent stake in Novatek, Russia’s largest producer of liquefied natural gas.
Despite not committing to exiting its stakes in Russian investments, the company said its supports the sanctions put in place by Europe and will implement them regarding its own assets.
In a statement, the firm said: “TotalEnergies expresses its solidarity with the Ukrainian people who are suffering the consequences and with the Russian people who will also suffer the consequences.”
Earlier, French Finance Minister Bruno Le Maire had said he would be holding discussions with the heads of TotalEnergies and energy company Engie about their business interests in Russia.
Le Maire told France Info radio said: “I believe there is a question of principle in working with any political or financial person close to Russian power.”