TotalEnergies CEO declines to collaborate with Putin again, yet maintains Russian investments.

• Like its rivals Shell and BP, the French company has been criticized for not writing off its oil and gas assets in Russia.
• Reportedly, Shell may lose $3 billion from its Russian assets, while BP's potential write-down could be around $25 billion.
• Russian investors would benefit from abandoning these interests without considering the sanctions' purpose, according to TotalEnergies on Tuesday.
• The company was unable to find a non-Russian buyer for these assets due to the imposition of sanctions and Russian laws.

On Saturday, the CEO of defended the company's decision not to fully exit Russia, but stated that it would never conduct business with President Vladimir Putin again.

Patrick Pouyanne, chairman and CEO of TotalEnergies, stated that he is not willing to give away the company's assets in Russia for free, as it would effectively mean writing them off.

How do we handle the current resources? ... I am not prepared to relinquish them to Russian individuals or oligarchs ... because, in fact, it would go against the imposed sanctions, he stated during a CNBC-moderated discussion at the Doha Forum in Qatar.

I will not give these assets to Mr. Putin for free, as this is my final decision.

The French company has been criticized for not writing off its oil and gas assets in Russia, such as its stakes in Russian gas producers Novatek and Yamal, like its competitors. Shell is reportedly facing a loss of $3 billion for its Russian assets, while BP’s write-down could be in the region of $25 billion.

Pouyanne contended that "written off" is merely an accounting practice and has no real meaning.

Pouyanne stated that rival energy firms can do as they please, but he is focused on what [we] want. However, he expressed uncertainty about how they plan to leave the country without violating sanctions. He requested his colleagues to explain their exit strategy to him.

TotalEnergies has announced that it will no longer provide capital for new projects in Russia and will not renew its Russian gasoil and crude supply contracts. The company's CEO, Pouyanne, stated on a panel on Saturday that TotalEnergies is absolutely against and firmly condemns Russia's aggression against Ukraine.

He stated: "We will not collaborate with President Putin; it is crucial to distinguish Russia from Putin."

TotalEnergies stated on Tuesday that abandoning its interests in these assets would benefit Russian investors, contradicting the purpose of the sanctions, and that the company was unable to find a non-Russian buyer due to the sanctions and Russian laws.

‘We created a ... monster’

Last year, the EU imported 45% of its gas from Russia, as stated by the International Energy Agency, and Pouyanne believes that lessons should be drawn from Europe's dependence on Russian gas.

"Our dependence on them is a result of our choice to go with the low-cost Russian option, as Europe has shown us," he stated, emphasizing the importance of the lesson learned.

Putin stated that he did not force Europe to purchase Russia's gas. Instead, he emphasized that Russia favored the lowest-cost energy options. He acknowledged that both sides contributed to the creation of a "monster," implying that the situation was not entirely Russia's fault.

He stated that energy security without Russia now requires individuals to consider how much they are willing to pay.