Financial Ports

TotalEnergies exits Arctic LNG 2: $1.3bn gamble amid US sanctions

CLAVE 1 / 4TotalEnergies has transferred its 10% stake in Arctic LNG 2 to Novatek’s subsidiary, NordLine, ending its involvement in the project.

CLAVE 2 / 4The move follows US sanctions imposed in November 2023, which disrupted financing, equipment supplies, and LNG sales for the Arctic project.

CLAVE 3 / 4TotalEnergies retains the right to $1.3bn in loan reimbursements, though recovery depends on sanctions compliance.

CLAVE 4 / 4Arctic LNG 2 was designed to produce 19.8m tonnes per year, making it one of Russia’s largest LNG export ventures.

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