British shareholders demanded that French Total leave Russia

Two English structures - The Church of England Pensions Board and The Church Commissioners for England - which are shareholders of TotalEnergies SE, demanded that the company cut ties with Russian business and leave Russia, Bloomberg reports.

“We would like to underline the seriousness of our request and that we will need to reconsider our position as shareholders of TotalEnergies if no further steps are taken,” the UK shareholders said in a joint letter.

According to Bloomberg, the company has already abandoned investments in new projects in Russia, but still owns a 1/5 stake in Russia's NOVATEK. If Total complies with shareholders' demand, it could lose 14% of its LNG supplies, the agency points out.

In early March, TotalEnergies announced that it would no longer invest in new projects in Russia. They also said that the company supports the sanctions imposed by Europe against Russia and will apply them regardless of the consequences.