France’s TotalEnergies to walk away from Russian gas producer

(AP)

French energy giant TotalEnergies has said it will walk away from its stake in Russian natural gas producer Novatek, meaning it will take a 3.7 billion dollar (£3 billion) loss.

TotalEnergies, which has come under criticism for pursuing some of its projects in Russia amid the war in Ukraine, said Western sanctions prevent it from selling its 19.4% stake to the Russian company.