Putin Approves TotalEnergies Exit from Arctic LNG 2 Project Amid U.S. Sanctions
Russian President Vladimir Putin has authorized TotalEnergies SE to sell its stake in the Arctic LNG 2 project, a liquefied natural gas export facility in the Arctic that has been sanctioned by the U.S. since late 2023. This decision allows the French energy company to exit a project that has been heavily restricted by Western sanctions. TotalEnergies will transfer its 10% stake to NordLine LLC, a subsidiary of Novatek, which already owns 60% of Arctic LNG 2. The project, valued at over $21 billion, began shipping fuel via shadow fleet vessels in 2024, but has been operating below its intended capacity, with shipments only reaching a single port in Southern China. The move consolidates Russia's control over its largest LNG export project, aligning with Moscow's strategy to expand sales to Asia. 
