As of: 02/27/2022 7:52 p.m
The oil multinational BP gets out of Rosneft and thus draws consequences from the Ukraine war. It is unclear whether the step was taken voluntarily – or at the urging of the British government.
The British energy group BP sells its shares in the Russian oil company Rosneft. BP had held a 19.75 percent stake in Rosneft since 2013. The exit was also associated with the resignation of BP boss Bernard Looney and his predecessor Bob Dudley as members of the Rosneft board of directors, the company said in a statement.
Retreat only under political pressure?
According to British media reports, BP gave in under pressure from the government in London. “Like so many, I am deeply shocked and saddened by the situation in Ukraine and my heart goes out to all who have been affected,” Looney said in a statement. The events triggered a “fundamental realignment” in the relationship between BP and Rosneft. The priority is taking care of the people in the region. The decision made jointly by the BP board is also in the long-term interests of the group.
BP chief supervisor Helge Lund described Russia’s attack on Ukraine as an “act of aggression that will have tragic consequences across the region.” BP has worked with “brilliant Russian colleagues” for 30 years. But the military deployment represents a fundamental change. The board of directors had therefore come to the decision that the participation in the state-owned Russian company could not be continued.
“A wake-up call for UK businesses”
UK Business Secretary Kwasi Kwarteng welcomed BP’s decision. “Russia’s groundless invasion of Ukraine must be a wake-up call for British companies with economic interests in Putin’s Russia,” Kwarteng tweeted.