Le Monde’s report claiming that Technip Energies had facilitated the execution of Russia’s Arctic LNG 2 project despite the EU sanctions sent the stock price down as much as 22% – mimicking the market reaction in the aftermath of the Russian invasion of Ukraine. In our view, the market reaction was a plain oversell and does not reflect the probability of the risks that could ensue from this case let alone the company’s fundamentals and medium-term outlook.