French energy major makes costly exit from Russia ...News

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French energy major makes costly exit from Russia
TotalEnergies will lose billions of dollars as it is unable to sell its stake in a Russian gas giant French oil and gas giant TotalEnergies has announced on Friday it is giving up its stake in Russian gas producer Novatek and withdrawing its two representatives from the company’s board. The exit will result in a “record” impairment of about $3.7 billion in the fourth quarter as Total will "no longer equity account for its 19.4% stake in Novatek." The French company said in a statement that the two directors have had to abstain from voting in Novatek board meetings, "in particular on financial matters," due to West

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