Key facts
- Vladimir Putin authorized TotalEnergies SE to sell its stake in Arctic LNG 2.
- TotalEnergies will sell its 10% stake in the project.
- The Arctic LNG 2 project is subject to US sanctions.
- Western restrictions have impacted the project.
Russian President Vladimir Putin has granted permission for French energy company TotalEnergies SE to divest its 10% stake in the Arctic LNG 2 liquefied natural gas export project. This decision represents a rare instance of Russian approval for a Western company to exit a project that has been severely hampered by international sanctions imposed by the United States. The authorization allows TotalEnergies to withdraw from the venture, which has faced significant operational challenges due to these Western restrictions. Japanese officials also met commodity exporters and Russian government representatives in Moscow last week, marking rare high-level commercial contact between the countries since Russia's full-scale invasion of Ukraine.