TotalEnergies To Record $3.7 Bln Impairment In Q4; Stock Down In Pre-market

French energy major TotalEnergies SE (TTE), said on Friday that it will no longer equity account for its 19.4 percent stake in the Russian natural gas producer Novatek following the decision to its two directors from the Board of PAO Novatek with immediate effect.

Consequently, it will record impairment charges of around $3.7 billion for the fourth quarter.

TotalEnergies' decision to withdraw its representative from the Novatek Board follows the European sanctions in force since the beginning of the war that force them to abstain from voting in the Board meetings, in particular on financial matters.

TotalEnergies owns a 19.4 percent stake in Novatek, a stake that it cannot be divested due to prevailing shareholders' deals.

"TotalEnergies has gradually started to withdraw from its Russian assets while ensuring that it continues to supply gas to Europe," the commented in a statement.

TTE is trading up by 1.10 percent at $59.10 per share in pre-market on the New York Stock Exchange.

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