TotalEnergies has no plans to go back on its decision to remain in Russia unless the EU brings in more sanctions, despite international pressure and the withdrawal of rival oil groups following the invasion of Ukraine.
The French company’s stance has made it increasingly isolated after both BP and Shell said they would end shareholdings or joint projects with state-owned Russian oil companies Rosneft and Gazprom, though it is not clear how they would shed the stakes or find buyers.
Other companies have also rushed to exit Russia as the war has intensified including carmaker Volkswagen suspending local production, Apple stopping sales, and luxury goods makers Hermès and Chanel shutting stores.
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