Total to continue working in Russia despite sanctions

The largest oil and gas French company Total will participate in the development of three Russian projects: Yamal LNG, Kharyaginskoye PSA and Termokarstovoye field, its quarterly report says. The plans were supported by the Ministry of Finance of France, which pointed to its Treasury to issue a permit.

Experts believe that this shows the desire of the Government of France to maintain the position of its companies in the Russian energy projects. Until now, the work of this company in Russia was influenced by the US sanctions. For example, the financing plan on the Yamal LNG project was revised, the project’s shareholders were not allowed to finance it in dollars.