French company continues to profit from Russian gas despite the war
Despite statements about winding down operations in Russia, the French energy company TotalEnergies, according to an investigation, continued to receive billions in dividends from the Yamal LNG project. We’re talking about hundreds of billions of rubles in payments between 2022 and 2024, which were routed through European financial institutions. This has raised new questions about the true nature of Western companies’ exit from the Russian energy market, according to Russian media reports.
The French corporation TotalEnergies found itself at the center of a high-profile investigation alleging that the company continued to receive significant revenues from the Russian “Yamal LNG” project even after the start of the full-scale war against Ukraine, despite public statements about winding down its business in Russia. According to journalists, from 2022 to 2024, this could amount to over 105 billion rubles in dividends that passed through financial mechanisms linked to European banks.
After the war began, the company officially condemned Moscow’s actions and announced a gradual withdrawal from Russian projects; however, it simultaneously retained a 20.02% stake in Yamal LNG’s share capital, which allowed it to remain in the profit distribution system. TotalEnergies management has repeatedly stated that the dividends are not being withdrawn but remain frozen; however, the investigation cites bank documents which, it claims, record transfers of funds through European financial institutions.
The report also provides data on specific payments: approximately 50.5 billion rubles in 2022, another 43.1 billion in 2023, and additional tranches worth billions of rubles in 2024, which, according to the journalists, passed through structures of Deutsche Bank and Raiffeisen Bank International. Some of these transactions, as noted, simultaneously generated revenue for the Russian budget through income tax, adding another layer of complexity to the financial scheme.
It is separately emphasized that the company also continues to profit from a long-term contract signed before the war, under which it committed to purchasing millions of tons of LNG annually through 2041. It is this model, tied to oil prices, that allows the company to secure predictable purchase prices even during energy crises, which, according to analysts’ estimates, creates a significant gap between the purchase cost and the market selling price in Europe.
The investigation also notes that despite potential sanctions in the future, the company may lose access to the Russian gas market only after 2027, while existing contracts remain in force until then. At the same time, TotalEnergies itself has previously stated that it is preparing for a possible force majeure and a review of its obligations, but does not plan to give up its stake in the Yamal LNG project, which continues to keep the company in a difficult financial and political situation.
Russia’s threats of new strikes on Kyiv are hysterics amid setbacks on the front lines — Flash.
Strikes on Kyiv may be part of Russia’s summer campaign — Bild.
