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French energy firm TotalEnergies has completed the transfer of its 10% stake in Russia’s Arctic LNG 2 project to NordLine, a subsidiary of Russian gas producer Novatek.
The company confirmed the transaction alongside its second-quarter 2026 results, saying it is no longer a shareholder in Arctic LNG 2.
Arctic LNG 2 comprises three planned LNG trains with combined capacity of about 19.8 million tonnes per year.
The project has faced major difficulties since the US imposed sanctions in 2023, disrupting access to Western technology, financing, specialised LNG carriers and international markets.
Despite this, the project has started producing and exporting LNG, although it is believed to be operating below its planned capacity. Russia has increasingly relied on alternative shipping arrangements and Asian buyers, particularly China, to keep cargoes moving.
Under the terms of the transfer agreement, TotalEnergies will still be entitled to recover about $1.3bn in shareholder loans it provided to Arctic LNG 2.
TotalEnergies said any repayment would be subject to applicable sanctions and could therefore take place only if permitted under those restrictions.
