TotalEnergies plans to book a $3.7 billion impairment on its stake in Novatek, as it scales back its business in Russia following the invasion of Ukraine
PARIS— TotalEnergies plans to book a $3.7 billion impairment on its stake in PAO Novatek and withdraw its directors from the Russian gas producer’s board, as part of its efforts to scale back its business in Russia following the invasion of Ukraine.
The Paris-based oil-and-gas major said it would write down the value of its 19.4% stake in Novatek, booking the accounting charge in the fourth quarter. That takes TotalEnergies’ total Russia-related impairments to over $14 billion this year, among the highest out of Western companies.
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