French Energy Giant TotalEnergies to Stop Buying Russian Oil by Year-End

French energy giant TotalEnergies announced on March 22 that it would stop buying Russian oil and petroleum products by the end of the year at the latest.

“Given the worsening situation in Ukraine and the existence of alternative sources for supplying Europe, TotalEnergies has unilaterally decided to no longer enter into or renew contracts to purchase Russian oil and petroleum products, in order to halt all its purchases of Russian oil and petroleum products as soon as possible and by the end of 2022 at the latest,” the company said in a statement.

TotalEnergies added that it will establish alternative solutions by importing oil via Poland.

TotalEnergies also said that it will import petroleum products from other continents, such as diesel produced by the Satorp refinery in Saudi Arabia.

However, the company said it will continue to purchase liquefied natural gas from the Yamal LNG plant, a Russian company, “as long as Europe’s governments consider that Russian gas is necessary.”

TotalEnergies’ contracts for Russian oil accounted for around 12% of Russian gasoil imports in Europe in 2021, according to the company.

TotalEnergies holds a 20% stake in the Yamal LNG plant and 19.4% in Novatek, another Russian natural gas producer.

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