The British oil company BP announced on Sunday that it would exit the capital of the Russian giant Rosneft in which it holds a 19.75% stake, following Russia’s “aggression” of Ukraine.
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In a press release, the group specified that its managing director Bernard Looney would resign from the board of directors of Rosneft “with immediate effect”, as well as another director appointed by BP.
“Russia’s attack on Ukraine is an act of aggression that has tragic consequences across the region,” said BP Chairman Helge Lund.
“BP has been operating in Russia for more than 30 years…but this military action represents a fundamental change. It led BP’s board of directors to conclude, after a thorough process, that our involvement in Rosneft, a state-owned company, simply could not continue.
Like BP, Russian oil giant Rosneft is also listed in London. The presence among its shareholders of BP since 2013, which held the second largest stake after the Russian state, was regularly the subject of criticism in the United Kingdom.
Following this withdrawal, BP indicated that the group would make a provision in its accounts for the first quarter of 2022, which will be published in May.