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Search & fact check with cited sources for What happened with TotalEnergies' exit from Russia's Arctic LNG 2 project, including the timeline of the divestment, the CEO's announcement during Q2 earnings, the Russian presidential decree authorizing the sale to Novatek's subsidiary
Here is the full verified timeline and context of TotalEnergies' exit from Arctic LNG 2. Background: Sanctions and the write down The U.S.
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Here is the full verified timeline and context of TotalEnergies' exit from Arctic LNG 2.
Background: Sanctions and the write-down
The U.S. Treasury's Office of Foreign Assets Control (OFAC) designated Arctic LNG 2 as a Specially Designated National (SDN) entity on November 2, 2023, under Russia-related Executive Orders 14024 and 13662, triggering secondary sanctions risk for any party dealing with the project . The EU subsequently adopted a regulation phasing out Russian LNG imports by 2027, and the UK imposed a ban on maritime services for Russian LNG cargoes, collectively strangling the project's access to Western capital, technology, and shipping.
TotalEnergies had already written off $4.1 billion in Russian assets in 2022, primarily reflecting its Arctic LNG 2 stake, and declared force majeure on the project after Western sanctions made construction, financing, and offtake agreements impossible .
Russian presidential decree (June 3, 2026)
On June 3, 2026, Russian President Vladimir Putin signed an executive order authorizing TotalEnergies to sell its 10% stake in Arctic LNG 2 to NordLine LLC, a newly established subsidiary of Novatek (which already held 60% of the project) . The decree allowed NordLine to complete a transaction to acquire the 10% interest held by TotalEnergies EP Salmanov (the French group's Russian entity) . At the time of the decree, TotalEnergies did not publicly comment on the move .
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Here is the full verified timeline and context of TotalEnergies' exit from Arctic LNG 2.
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Here is the full verified timeline and context of TotalEnergies' exit from Arctic LNG 2. Background: Sanctions and the write down The U.S.
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Treasury's Office of Foreign Assets Control (OFAC) designated Arctic LNG 2 as a Specially Designated National (SDN) entity on November 2, 2023 , under Russia related Executive Orders 14024 and 13662, triggering secondary sanctions risk for
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- sanctionssearch.ofac.treas.govSanctions List Search
- ofac.treasury.govSanctions List Updates
- ofac.treasury.govOFAC Related Press Releases
- sanctionssearch.ofac.treas.govSanctions List Search
- ofac.treasury.govSanctions List Service
- sanctionssearch.ofac.treas.govSanctions List Search
- ofac.treasury.govRussia-related Designations, Updates and Removal