What specific authorization did Vladimir Putin grant to TotalEnergies regarding its stake in Arctic LNG 2?

Vladimir Putin authorized TotalEnergies SE to sell its 10% stake in the US-sanctioned Arctic LNG 2 project to NordLine LLC, a newly created subsidiary of Novatek — which already owns 60% of the project — via a presidential order.

Why is TotalEnergies seeking to exit Arctic LNG 2, and what has been its financial and operational stance toward the project since Russia’s invasion of Ukraine?

TotalEnergies wrote down the value of its Arctic LNG 2 stake due to Russia’s war in Ukraine and has consistently stated it has taken no revenue from the project; it retained the stake despite Western sanctions and broader foreign investor exits, but now seeks to divest amid US sanctions imposed in late 2023 that aimed to curb Russia’s LNG export expansion.

Putin Allows TotalEnergies to Sell 10% Stake in Arctic LNG 2

Jun 3, 2026

Russian President Putin authorized TotalEnergies to sell its 10% stake in the sanctioned Arctic LNG 2 project to Novatek's subsidiary, enabling the French major to exit the $21 billion facility amid Western restrictions.

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