Norway’s Equinor ASA reported it has fully cut ties with its Russian projects as it finishes a long-awaited restart of one of Europe’s largest liquefied natural gas (LNG) terminals.

Equinor launched a plan to end all future investments and divest from current partnerships in Russia shortly after the country’s forces invaded Ukraine in February. The company reported it took a more than $1 billion impairment in 1Q2022 by ending the trade of Russian gas and oil.

On May 25, Equinor announced it had completed its transfer of ownership in four Russian joint ventures with PJSC Rosneft Oil Co. to the state-controlled company. It also has signed an agreement to leave an exploration project of the Kharyaga field in the Polar Circle.

[Want to know how global LNG demand impacts...