TotalEnergies Completes Exit From Russia's Sanctioned Arctic LNG 2 Project

French major TotalEnergies confirmed on Thursday, 5 Shahrivar 1405 (August 27, 2026), that it has fully completed the transfer of its 10 percent stake in Russia's Arctic LNG 2 project to NordLine, a subsidiary of project operator Novatek. According to Oilprice.com, TotalEnergies is therefore no longer a shareholder in the sanctioned project.

TotalEnergies CEO Patrick Pouyanne had said last month, on the company's second quarter earnings call, that an exit from the project was imminent. Under the transfer agreement, TotalEnergies retains the right to be reimbursed for its share of shareholder loans extended to the project, estimated at about 1.3 billion dollars, though any repayment will remain subject to applicable sanctions. TotalEnergies fully wrote off its 4.1 billion dollar stake in the project in 2022. Pouyanne said the transfer, authorized by Russian authorities in June, serves the joint interest of both TotalEnergies and Novatek.