TotalEnergies declared Tuesday that it would stop buying Russian oil and oil products by the end of 2022 at the latest, according to a corporate news release.

“Given the worsening situation in Ukraine and the existence of alternative sources of supply for Europe,” the statement said, “TotalEnergies has unilaterally decided not to enter into or renew any contracts for the purchase of Russian oil and oil products, in order to stop all purchases of Russian oil or oil products as soon as possible and by the end of 2022 at the latest.”

Also read: Work from home can help offset a ‘global energy crisis’: IEA explains

However, the business has stated that it will continue to acquire natural gas from Russia.

“Unlike oil supply, it appears that Europe’s gas logistics capacities make it difficult to do without Russian gas in the next two to three years without affecting the continent’s energy supply,” Total said in a statement.

The corporation stated that it will mobilise oil products from other locations, including diesel produced by Saudi Arabia’s Satorp refinery.

Also read: Explained: How US sanctions on Russian energy affect its domestic market

According to the statement, TotalEnergies’ contracts for Russian oil amount for 12% of Russia’s diesel imports to the European Union in 2021.

According to the statement, the business reiterated that it does not operate any oil or gas fields or liquefied natural gas (LNG) plants in Russia and is moving toward a gradual termination of its activities in Russia. Three of the 11 personnel assigned to various Russian oil and gas firms in which TotalEnergies has a minority stake remain in the country.

Also read: Oil prices extend last week’s decline, fell by $4 per barrel

It also declared that it will no longer sponsor the Arctic LNG 2 project, which is located on Russia’s Siberian coast, and that it will halt commercial initiatives in the domains of batteries and lubricants in Russia.