French energy giant TotalEnergies said Friday that it will walk away from its stake in Russian natural gas producer Novatek and take a $3.7 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. It said it withdrawing its representatives from the Novatek board, who have been abstaining from voting because of sanctions, with “immediate effect."
