Total Takes $4 Billion Hit From Arctic LNG Project

French energy giant TotalEnergies (Total) has taken a $4.1 billion hit following it withdrawal from a Russian liquiefied natural gas (LNG) project in the Arctic. It revealed the impairment losses in its first quarter trading results for the first three months of the year. This follows the company announcing last month it would no longer book proven reserves from the Arctic LNG 2 porject, following uncertainty over technological and financial sanctions imposed on Russia by the West. The company explained: “Since then, on April 8th, new sanctions…