TotalEnergies Completes Exit from Sanctioned Arctic LNG 2 Project
Source Summary
TotalEnergies has completed the transfer of its 10% stake in Arctic LNG 2 to NordLine, a subsidiary of project operator Novatek, ending the French supermajor's participation in the sanctioned Russian liquefied natural gas export project. The company announced the exit during its second-quarter earnings call in July and has now finalized the transaction.
Why it matters
The exit marks TotalEnergies' full divestment from a major Russian energy project under international sanctions, reflecting Western energy companies' compliance with geopolitical restrictions.
