TotalEnergies condemns Moscow's aggression, stops new capital investment in Russia

French energy giant TotalEnergies said on Tuesday that Moscow’s military aggression in Ukraine threatens Europe, and said it will no longer provide capital for new projects in Russia.

TotalEnergies, which holds a 19.4 percent stake in Russia’s largest producer of liquefied natural gas Novatek, expressed its solidarity with the Ukrainian people who it said were “suffering the consequences and with the Russian people” who will also suffer the consequences.

“TotalEnergies is mobilised to provide fuel to the Ukrainian authorities and aid to Ukrainian refugees in Europe. TotalEnergies supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences (currently being assessed) on its activities in Russia,” the company said in a statement.

On Monday, Shell, Europe’s largest oil company, said it would exit its joint ventures with Russian natural gas giant Gazprom, joining BP in pulling out in projects or stake from the country. BP said on Sunday that it would sell its nearly 20 percent stake in Rosneft, the Russian state-controlled oil company.