TotalEnergies stays while others flee

It’s complicated: A TotalEnergies petrol station in Toulouse, France. Russia is strategically important for TTE, particularly for its LNG business, according to an analyst. — Bloomberg

LONDON: France’s TotalEnergies SE (TTE) cuts a lonely figure hanging onto its Russian investments during a mass exodus of western oil majors from the country after its invasion of Ukraine, even though no sanctions have forced such divestments.

“For existing assets, the company says it will respect European sanctions whatever the consequences. But for the moment, there are no sanctions on energy,” said a source familiar with the thinking inside TotalEnergies.