TotalEnergies today announced a record 2022 profit of €34.4 billion, enough to pay all of the EU’s military and financial aid to Ukraine, as well as all aid from individual EU Member States, including France.
Today’s announcement of €7 billion in profits for the fourth quarter of 2022 added to a banner year for Total, which saw a 100 percent jump in profits compared to 2021.
These profits have been caused by high oil and gas prices, largely driven by Russia’s invasion of Ukraine. For months following Russia’s invasion, Total dragged its feet rather than pulling out of its Russian operations.
In December, the company finally committed to withdraw, but only after its Russian operations were accused of supplying the Russian military. Last month, a French legal complaint against Total for complicity in war crimes was dismissed, although lawyers for the complainants have pledged to appeal.
The EU and its Member States have rightly provided significant aid to Ukraine - €31.5 billion in 2022 alone. This included €15.6 billion in military, financial and other emergency assistance from the EU and another €15.9 billion directly from EU countries like France.
Jonathan Noronha-Gant, Global Witness, Senior Campaigner, said:
“The generosity of European taxpayers vs. the avarice of Total – could the contrast be any more stark? Total’s record breaking profits will leave a bitter taste for many across Europe struggling with energy poverty.”
“Everyone across France can see a direct line between Total’s profits and the misery of people across Ukraine and across the continent. It is time the French government took action and Total was made to pay its fair share.”