TotalEnergies chief executive Patrick Pouyanne believes the company’s financial exposure to Russia is “very manageable at the global corporate level” and played down the effect that’s suspending activities in Russia will have on production and reserve volumes.

Speaking to analysts during the company’s latest strategy presentation on Thursday, he reiterated the company will not invest new capital into Russia, but confirmed it will not be withdrawing from the Yamal LNG and Arctic LNG 2 projects due to legal and sanction-related reasons.