Russian-Ukraine Conflict: BP Drops 19.75% Stake In Russian-Owned Oil Firm After Invasion Of Ukraine
February 27, 2022
British Petroleum would be exiting its 19.75% ownership of Rosneft, a Russian state-owned oil firm. The company made the announcement on Sunday, citing the country’s attack on Ukraine, with BP’s CEO Bernard Looney resigning from Rosneft’s board.
“Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region,” BP chair Helge Lund said in a press release. “It has led the bp board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue.”
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