Total writes down $4.1 billion in assets due to sanctions on Russia

Company intends French Total Recording a loss of 4.1 billion riyals as a result of reducing the value of its natural gas reserves due to sanctions once morest Russia.

The loss relates to the Arctic LNG 2 project in the Arctic, which is still under development.

It is noteworthy that the French Total is one of the few Western companies that has not announced the cessation of its operations in Russia, unlike the rest of the international oil companies such as BP, Shell and Exxon Mobil.

Shell announced earlier this month that it expected to write down assets of up to $5 billion in the first quarter due to its exit from Russia.