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TotalEnergies Sells Arctic LNG 2 Stake to NordLine

8/28/2026

37 7 Full Breakdown

Summary

Story summary

TotalEnergies transferred its 10% stake in Arctic LNG 2 to Novatek subsidiary NordLine.
TotalEnergies booked a $4.1 billion impairment on the Arctic LNG 2 investment in 2022.
EU sanctions bar the company from selling its 20% Yamal LNG and 19.4% Novatek stakes.
The EU will prohibit Russian LNG imports from January 2027, with a temporary exemption for certain third-country transfers.

History

Historical Context

After the EU’s first coordinated sanctions in July 2014—led by High Representative Josep Borrell and capping European firms’ stakes in Russian gas projects at about 12% and wiping out €3 billion in contracts—the bloc has repeatedly targeted Moscow’s energy revenue. TotalEnergies’ $4.1 billion 2022 Arctic LNG 2 write-down and the EU’s scheduled 2027 ban on Russian LNG follow that same strategy, tightening Europe’s gas supply chain.

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Story summary

TotalEnergies transferred its 10% stake in Arctic LNG 2 to Novatek subsidiary NordLine.
TotalEnergies booked a $4.1 billion impairment on the Arctic LNG 2 investment in 2022.
EU sanctions bar the company from selling its 20% Yamal LNG and 19.4% Novatek stakes.
The EU will prohibit Russian LNG imports from January 2027, with a temporary exemption for certain third-country transfers.

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