TotalEnergies collects an estimated $400 million a year from marketing liquefied natural gas shipments originating at the Yamal LNG terminal in Russia, CEO Patrick Pouyanne told analysts during a recent earnings call.
The French energy firm has retained its equity positions in Russian LNG projects following Russia’s 2022 invasion of Ukraine. However, those holdings have been deconsolidated, meaning the direct sales revenue tied to the assets no longer appears in the company’s formal financial statements.
European Union countries have been importing record volumes of LNG from Yamal, the largest gas liquefaction site in Russia, though those imports are due to be prohibited under the EU’s sanctions framework beginning next year.
On the call, Pouyanne separated the activity into two streams, explaining the mechanics of the cargo sales and the related cash flows. He said: "There are two activities...the lifting of cargoes, on this one we have direct access to the cash booked by our UK entity. The magnitude of this business is an average of $400 million, but it goes up and down because the contracts are linked to Brent (oil prices)."
Pouyanne noted that Brent crude has climbed to multi-year highs, attributing that rise to supply disruptions connected to the war in Iran. The linkage of certain LNG contracts to Brent means the cash receipts tied to cargo sales fluctuate with oil-market moves.
Beyond cargo marketing, TotalEnergies also receives income related to its equity holdings: a 20% interest in the Yamal LNG project and a 19.4% stake in Novatek, Yamal’s parent company. Those ownership positions generate dividend flows when distributions are made.
On the subject of dividend transfers and repatriation, Pouyanne said that some cash flows have been distributed, but not the full amount. He cautioned that such transfers occur intermittently and face practical constraints: "Some cash flows have been distributed, but not the full of it... It’s from time to time, and there’s not an easy way to do this because we respect sanctions and sanctions in Europe have limited the capacity to transfer from Russia to Europe," he added.
Pouyanne did not quantify how much cash has been repatriated so far. He reiterated a figure from 2024 indicating that dividends from Novatek amounted to roughly $600 million per year but noted those funds remained held abroad.
Context and implications
The comments highlight three distinct revenue channels tied to TotalEnergies’ Russian positions: the cash from lifting and selling Yamal LNG cargoes, dividend distributions linked to its 20% Yamal stake, and returns related to its 19.4% shareholding in Novatek. All three are subject to variability - contract pricing mechanisms tied to Brent, episodic dividend distributions, and regulatory limits on moving funds across borders.