French energy giant TotalEnergies said Tuesday it has decided to halt all its purchases of Russian oil and petroleum products by the end of the year at the latest, reports CBS News.
The French company said in a statement it will "gradually suspend its activities in Russia" amid the worsening situation in Ukraine. It stressed "the existence of alternative sources for supplying Europe" with oil.
In its statement, Total committed to ensure "strict compliance with current and future European sanctions, no matter what the consequences on the management of its assets in Russia."
Russia represented 17% of the company's oil and gas production in 2020. In addition, TotalEnergies holds a 19.4% stake in Russia's natural gas producer Novatek.
The French conglomerate, which reported about $190 billion in revenue last year and nearly $16 billion in profits, also has a 20% stake in the Yamal LNG project in northern Russia.