Total (TTE.US) supports the EU ban: there is sufficient alternative to Russian natural gas.

With the EU proposing to ban all natural gas supplies from Russia by the end of 2027, TotalEnergies (TTE.US) believes that there are sufficient alternatives to Russian natural gas. TotalEnergies CEO Patrick Pouyanne said at a conference in Tokyo on Wednesday, "The good news is that from 2027, 2028, and 2029, the LNG market supply will be sufficient." The European Commission announced on Tuesday the necessary legislation to end the EU's reliance on Russian pipeline gas and LNG supplies, with a ban on new deals starting next year. The ban on Russia exporting gas to the EU will come into effect by the end of 2027 in line with existing long-term commitments. The EU has been a popular destination for goods from Russia's Arctic Yamal LNG export plant, which has long-term contracts with companies like TotalEnergies. Meanwhile, the largest LNG exporting country in the world, the United States, is expected to double its exports by 2030, with Qatar also advancing a large-scale expansion plan. Pouyanne said, "We have lost trust in Russia as a supplier. Finding alternatives is crucial for Europe."