26th October 2023, LONDON - As TotalEnergies today reports profits of €6 billion ($6.45 billion) in the third quarter of 2023, new Global Witness analysis reveals how much the company has paid shareholders since Russia’s full-scale invasion of Ukraine.

Our fresh analysis finds that since April 2022, a month after Russia’s invasion of Ukraine, TotalEnergies has paid dividends of €13 billion ($13.7 billion) and repurchased shares worth €12 billion ($12.7 billion), giving shareholders a total of €25 billion ($26.4 billion).

In 2023 alone, Total has paid shareholders €11 billion ($11.9 billion). This could cover over 90% of the €12 billion in financial aid the EU has paid Ukraine this year up to August.   

Total still maintains a stake in gas fields in Russia, although the company has pulled out of some operations and has said it is against the war in Ukraine.

Jonathan Noronha-Gant, Global Witness, Senior Campaigner, said:  

“TotalEnergies has been making money hand over fist, remaining in Russia, and raking in inflated profits because of the war in Ukraine. Today, instead of using that wartime windfall to accelerate the energy transition, it has chosen greed, enriching its shareholders yet again. As Total’s shareholders celebrate, everyone else suffers.“ 

Note to Editors:

·        Underlying data and calculations available upon request.