TotalEnergies said on Tuesday it had initiated a force majeure process on the Arctic LNG 2 project in Russia due to U.S. sanctions, according to Reuters.
"We have initiated the force majeure process in accordance with existing contracts, and we will comply with applicable sanctions regimes in accordance with our principles of conduct," TotalEnergies said in a statement.
"Consequently, no offtake of LNG from Arctic LNG 2 by TotalEnergies is planned in 2024," it added.
The U.S. sanctions were imposed on Arctic LNG 2 over the conflict in Ukraine in November 2023.
In December, Russian daily Kommersant, citing unnamed sources in the Russian government, had said foreign shareholders in the project had suspended participation in the Arctic LNG 2 project due to the sanctions.