BP will dump its 20% stake in Russian oil giant Rosneft
Summary
BP is cutting ties with Rosneft in response to Russia’s invasion of Ukraine. The British company said in a statement Sunday that it would exit its 19.75% stake in the Russian state oil giant, describing Moscow’s decision to attack its […]
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BP is cutting ties with Rosneft in response to Russia’s invasion of Ukraine.
The British company said in a statement Sunday that it would exit its 19.75% stake in the Russian state oil giant, describing Moscow’s decision to attack its neighbour as “an act of aggression which is having tragic consequences across the region.”
BP CEO Bernard Looney and former CEO Bob Dudley will also stand down with immediate effect from Rosneft’s board, where they had served alongside Rosneft CEO Igor Sechin, a close ally of Russian President Vladimir Putin.