Reuters: Total Q2 reveals freeze on Novatek stake buying post MH17 downing

Total stopped buying shares in Russia's Novatek the day of the downing of a Malaysia Airlines flight over Ukraine, but it is still too early to gauge the impact of western sanctions against Russia, the French oil major revealed with its second quarter results on Wednesday.

Total is one of the top foreign investors in Russia but it faces a cloud over its future there since the downing of the aircraft over Ukrainian territory held by pro-Russian rebels worsened the oil-rich country's relations with the west and raised the threat of deeper sanctions.

The oil firm forecast in April that Russia would become its biggest source of oil and gas output by 2020 thanks to its partnership with Novatek and their Yamal LNG project in Siberia.

"We stopped buying shares in Novatek the day of the plane accident, considering all the uncertainties that this event could lead to," Chief Financial Officer Patrick de La Chevardiere told reporters in a conference call.
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