Economic|The Russian attack
BP has been operating in Russia for more than 30 years.
27.2. 20:04 | Updated 27.2. 20:16
British the board of oil company BP announces the sale of its 20 percent stake in Russian energy company Rosneft in protest of Russia’s invasion of Ukraine.
CEO of BP Bernard Looney resigns immediately from Rosneft’s board.
“Russia’s attack on Ukraine is an aggression with shocking consequences. BP has been in Russia for over 30 years and has worked with great Russian colleagues. However, this military action represents a fundamental change, ”says the company’s chairman of the board Helge Lund in the bulletin.
United States has imposed sanctions on Rosneft ‘s CEO Igor Sechin against. For years, Sechin has been a relative of President Vladimir Putin.
Rosneft is one of the world’s largest oil producers. Its largest shareholder is the Russian state. The book value of the Rosneft investment in BP’s balance sheet at the end of last year was $ 14 billion. BP is preparing for large write-downs of the investment as it has decided to exit Rosneft.
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