TotalEnergies, a French energy company, announced on the 22nd (local time) that it would stop importing Russian crude oil by the end of the year at the latest.
TotalEnergies said in a press release that the headquarters has decided not to renew or sign contracts for Russian crude oil and crude oil products as the situation in Ukraine worsens and there are alternative sources.
Through this, they will stop purchasing all Russian crude oil and crude oil products as soon as possible and no later than the end of the year, they added.
TotalEnergies explained that it will secure supplies from other regions besides Russia, with its main refinery in Satov, Saudi Arabia.
According to a press release, 12 percent of Russia’s exports to the European Union last year were total energy contracts.
It also announced that it would stop funding Russia’s ARCTIC LNG-2 project.
The Arctic LNG-2 project is a large-scale energy development project that produces 19.8 million tons of LNG per year in a gas field on the Siberian airbase in Gydan Peninsula in Russia.
However,TotalEnergies said without Russian natural gas, Europe’s overall energy supply will be affected by Europe’s supply and demand capacity for the next two to three years, adding that it will continue to import natural gas.
Earlier on the 1st, TotalEnergies announced that it would stop new investments in Russia, but did not say that it would stop trading with Russia.
The move comes a little later than Shell and other Western energy companies, including British Petroleum, announced plans to withdraw from Russia late last month.
The NYT said TotalEnergies has not been as firm with Russia since early times as these companies because it has been carrying out several oil and gas projects in Russia.
