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Russia-Ukraine crisis: BP to exit Rosneft stake, may take a $25 bn hit

The surprise move from the British company is the latest sign of how far Western powers are willing to go to punish President Vladimir Putin for his invasion of Ukraine

Photo: Bloomberg
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Photo: Bloomberg

Laura Hurst and Emma Ross-Thomas | Bloomberg
BP Plc moved to dump its shares in oil giant Rosneft PJSC, taking a financial hit of as much as $25 billion by joining the campaign to isolate Russia’s economy. 
 
The surprise move from the British company is the latest sign of how far Western powers are willing to go to punish President Vladimir Putin for his invasion of Ukraine. BP has been in Russia for three decades and just weeks ago was staunchly defending its presence there.

But it was coming under growing pressure from the U.K. government over the alliance with Rosneft. Chief Executive Officer Bernard Looney was

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First Published: Feb 28 2022 | 7:56 AM IST

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