TotalEnergies To Stop Purchasing Oil & Petroleum Products From Russia

TotalEnergies (TTE, TTE.L) said it will stop purchasing oil and petroleum products from Russia, following the serious and unfounded accusations of "complicity in war crimes" leveled against the company.

The company reaffirmed its firmest condemnation of Russia's military aggression against Ukraine.

TotalEnergies said it recalls that, contrary to remarks made by several commentators, it does not operate any oil and gas fields or any liquefied natural gas (LNG) plants in Russia.

TotalEnergies is a minority shareholder in a number of non-state-owned Russian companies: Novatek (19.4%), Yamal LNG (20%), Arctic LNG 2 (10%) and TerNefteGaz (49%).

TotalEnergies noted that it had 11 secondees in these companies as of February 24, 2022, and only 3 seconded expatriates are in Russia as of Tuesday. TotalEnergies has thus initiated the gradual suspension of its activities in Russia, while assuring its teams' safety. Similarly, TotalEnergies has decided to put on hold its business developments for batteries and lubricants in Russia.

TotalEnergies has 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.

TotalEnergies already announced that it halted all spot market trading since February 25, 2022, on Russian oil and petroleum products.

TotalEnergies noted that it will terminate its Russian oil supply contracts for the Leuna refinery as soon as possible and by the end of 2022 at the latest, and will put in place alternative solutions by importing oil via Poland. Already, a first contract will not be renewed at the end of March 2022.

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