TotalEnergies Refuses to Divest Russian Assets but Will Comply with Sanctions

French oil and gas company TotalEnergies refused to divest its assets in Russia saying the action would contradict the sanctions against the country.

“Abandoning these interests without consideration would enrich Russian investors, in contradiction with the sanctions’ purpose,” TotalEnergies said in a statement.

The company’s released principles of conduct stated that divesting the company’s assets in Russia would enrich Russian investors. It also said that the “European sanctions and Russian laws controlling foreign investments would prevent TotalEnergies to find a non-Russian buyer for its minority interests in Russia.”

TotalEnergies CEO Patrick Pouyanné said he is not ready to give the company’s assets for zero to the Russian people and oligarchs. 

TotalEnergies said it will “ensure strict compliance with current and future European sanctions, no matter what the consequences on the management of its assets in Russia, and gradually suspend its activities in Russia, while assuring its workforce’s safety.”

The company said it has suspended its activities in Russia and has put on hold its business developments for batteries and lubricants. 

Pouyanné also announced he will not put a single new capital in Russia but will protect the company’s $13 billion assets to fulfill his duty to the company’s stakeholders.

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