Page 10 - FSUOGM Week 45 2022

FSUOGM INVESTMENT FSUOGM

took the helm. Konov is not the only Russian executive
Last year, Konov was preparing Sibur for an to argue that the sanctions against them
IPO which could have seen it valued at upwards are unfounded. Others, including Yandex
of $22bn. founder and former CEO Arkady Volozh and
The sanctions against Konov, which were Tigran Khudaverdyan, are also understood to
implemented in the wake of Russia’s invasion of be challenging their designations. They argue
Ukraine, included an asset freeze. The ECJ has that there is no evidence to suggest that they
not yet announced a verdict on Konov’s appeal are complicit with the system or support the
against sanctions. war in Ukraine. ™

TotalEnergies head says West, rest of

world don't see eye to eye on Ukraine

FRANCE TOTALENERGIES CEO Patrick Pouyanne has Arctic LNG-2 project in the Russian Arctic, and
once again defended the company's decision to also has a shareholder position in both facilities’
TotalEnergies continues remain in Russia and continue receiving divi- operator Novatek. It has shed some of its minor
receiving dividends dends from its projects there, adding that the rest interests in Russia, however, including a 20%
from Russia, for the of the world feels differently to the West regard- stake in the Kharyaga oilfield and a 49% stake in
time being. ing the conflict. the Terneftegaz joint venture in Russia’s north.
“The vision which we have of this conflict in TotalEnergies has also defended its decision
the Western camp is by no means shared by the to continue receiving gas from its Russian pro-
vast majority of the rest of the world,” Pouyanne jects, arguing that stopping the sale of that sup-
said on November 9, addressing the foreign ply to the European market would exacerbate the
affairs committee of the French parliament. continent’s energy crisis. It has said it will only
TotalEnergies has estimated it collected take such a step if sanctions require it.
around $748mn in dividends from its projects Pouyanne has warned before that it may not
in Russia during the first nine months of the continue receiving dividends from Russia in the
year. Unlike its Western peers BP, ExxonMobil future.
and Shell, it has also resisted calls to declare its “It’s not easy to receive cash,” he said in late
intention to withdraw from Russia, although it September. “The financial circuits between
has said it will avoid further investments, and as a Russia and the rest of the world are becom-
result, its operations in the country will gradually ing complex for Western companies. So to be
wind down. transparent, yes, we have received something
The French major has stakes in the opera- this year, but I see some complexity month
tional Yamal LNG terminal and the uncompleted after month.”™

P10 www. NEWSBASE .com Week 45 14•November•2022