French supermajor TotalEnergies will no longer provide capital for new projects in Russia but stopped short of following rivals BP and Shell, which have said they plan to exit their investments in the wake of Moscow’s invasion of Ukraine.

The Paris-based company said on Tuesday it “condemns Russia’s military aggression against Ukraine, which has tragic consequences for the population and threatens Europe”.

“TotalEnergies supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences (currently being assessed) on its activities in Russia,” it said.